The company has already started developing its electric motorcycle and is planning to bring it to the Indian market in H2 of FY26.SAR Group’s electric mobility arm, Lectrix EV is planning to expand its current portfolio by foraying into the electric motorcycle market. The company which has already invested INR 300 crore in the development and manufacturing of electric two-wheelers and three-wheelers is aiming to fundraise USD 100 million or INR 840 crore (more than that) by FY26.
Lectrix EV e-scooter portfolio includes the LXS series, SX25 along with the recently launched Nduro. The company has sold over 10,000 electric scooters and 30,000 electric three-wheelers in the past four years and is targeting to sell over 25,000 Nduro in the next 12 months, founder Rakesh Malhotra told ETAuto on the sidelines of Nduro’s launch. The product will be delivered from February 2, 2025 to its customers, he added.
The company has already started developing its electric motorcycle and is planning to bring it to the Indian market in H2 of FY26. “We want to do it(e-motorcycles) in a way that it is a global platform” stated Malhotra. For e-motorcycles, Lectrix EV is aiming for good exports as they see overseas countries as potential buyers of their vehicles.
Fundraising through external sources
Lectrix EV is strategizing to use the expected fundraise of USD 10 million in the development of its upcoming products, and for boosting its current infrastructure to make the products more accessible. “I think within the next 10 to 12 months we should be able to do it (fundraising),” Malhotra added.
Lectrix EV has till now raised approximately USD 50 million to date however, all were done internally (from SAR Group) and now they plan to open it to external sources.
The company targets to launch two new products, “one definitely in six to seven months and the other one probably in H2 of FY26,” stated Malhotra. The first launch will be of another high-speed electric scooter with a higher price segment and another is expected to be an e-motorcycle.
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