TNI || New Delhi || 18th March 2022
As it expands its operations to nearly a dozen cities, electric three-wheeler company Euler Motors is eyeing a lofty aim of generating revenues upwards of Rs. 300 crore in FY23, around 15 times more than the estimated revenue this fiscal year.
To achieve this grandiose financial goal, the company will have to sell 8,500 of its HiLoad electric three-wheelers, that are intended to transport products.
It now has an order book of roughly 3,500 units, mostly due to bulk orders from companies such as Flipkart and Ecom Express, which have been seeking to achieve their sustainability targets as well as local government regulations.
Euler Motors’ sales started in January, and the company hopes to generate Rs. 20 crore revenue this year, as per Saurav Kumar, the company’s CEO.
Saurav also stated that the company plans to more than double the existing workforce of roughly 650 employees by next year. While Euler has amassed a sizable order book from ecommerce as well as quick delivery businesses, it will require additional orders from retail clients to stay afloat in the long run.
These are mostly three-wheeler owners who work in the last-mile shipping business.
According to Kumar, retail buyers account for three-fourths of the three-wheeler cargo segment’s operations.
It will be difficult for a new entry to create an impact in a marketplace where brand memory is crucial and is currently controlled by Mahindra and Piaggio.
He adds that Euler has put in a lot of effort on the ground in the past three years.
To gather customer comments, they have visited to every fresh produce market, every gas distributor, and every water bottle distributor. And Saurav maintains that this is something they will continue doing. One must be in close vicinity to their customers is what he believes in.