Micromax is one of those companies which was at its peak when smartphones came into India at first. It had surpassed the likes of Samsung and Nokia to become of the biggest companies in the world. Rahul Sharma along with his pals had led the company to this position almost a decade ago. Softbank was begging for an investment in the company but Micromax was adamant. That being said, a demonetization and a 4G revolution later, Micromax slumped down the pecking order.
The Chinese invasion ran over Micromax like it was nothing and the company found itself worrying about things it shouldn’t. That said, fast forward today and the company is still making phones in the sub INR 5,000 market. That is how the company is working and it is doing well for itself in that segment as it is catering to a rural market which is huge in India. That being said, Rahul Sharma has identified the extent of that business and has decided to pursue something different.
After studying the electric vehicle market for two years in India, the man behind Micromax has decided to go solo with this one. He has invested around INR 500 Cr in the electric vehicles business. The man is going to produce electric motorcycles with a range of 150 km in a single charge. The company plans to take on Hero Moto, Bajaj Auto, and TVS.
Rahul Sharma was talking to Times of India when said that he has been doing his homework in the EV market and intends to disrupt the two-wheeler market with clean and green bikes. His idea is to create ‘motorcycle blockbuster’ in the marketplace. Environmentally efficient bikes will also have extremely low running costs.
“I have done my homework in the EV space, and now intend to disrupt the two-wheeler industry. The idea is to create a motorcycle blockbuster — similar to successes such as Hero’s Splendor and Bajaj’s Pulsar — but with an electric product. This will not only be an environmentally-efficient product but will provide hugely low running-cost to the users,” he told TOI.
The 40-year-old said that already a 1 lakh sq. ft. factory has been set up in Manesar. There is also a 45-member team working on Research and Development. The bikes will be manufactured here but not completely. The battery cells and the motor will be imported and the destination from where they will be imported is mostly China. He also said that the governments of every state are throwing money at his plans. Talking about existing markets and the competition, Sharma gave his own example. He said that there were Nokia and Blackberry then.
“And to make the deal sweeter, every state government is also throwing in additional offers to push the sales of the environmentally conscious vehicles. We plan to expand beyond Delhi soon. The sales model will comprise both franchisee outlets as well as online platforms. Remember, there was Nokia and Blackberry then. But we were quick and smart. I intend to do the same here,” he said.