New Delhi: EV maker Omega Seiki Mobility (OSM) has found its first external investor the Japanese Exedy Corporation, an automotive supplier, specialising in drivetrain components like clutches.
It is learnt that the Japanese investor is going to invest USD 150 million into the Indian EV maker. The investment also gives it entry into the growing Indian EV market. ‘‘Through this partnership, we aim to promote electrification in India and contribute to achieving carbon neutrality”, Exedy said in an official statement.
Exedy Corporation has a link with Toyota, as Toyota Group component supplier Aisin is the single-largest shareholder in the company.
Co-development for EVs
With the investment, Exedy looks to be more than just an investor in OSM. With the new move it aims ‘to provide new electric mobility solutions’. The Japanese firm said, “Moving forward, we will collaborate with the development of electric vehicles equipped with our proprietary high-efficiency electric drive units, which consist of motors and continuously variable transmissions (CVTs)”. It’s not clear yet if the collaboration will be for OSM’s upcoming small electric truck.
e-SCV by OSM
The Delhi-based EV maker OSM currently operates in the electric 3-wheeler segment, where it claims to be a number 2 player in the cargo segment, and number 4 in the passenger (L5) carrier category.
So far OSM has sold 13,000 e3Ws, of which around 1,000 units have been sold among a few Asian and African markets.
It’s learnt that OSM plans to enter the emerging eSCV (electric Small Commercial Vehicle) space by around September this year. Two products – a 1-tonner and a 3= tonner, are awaiting homologation, according to sources. The fresh funding will be mainly for the 1-tonner, according to a source.
After e3-wheelers, e-SCVs are seen as the new driver of EVs in India. The segment is estimated to have sold around 3,000 units during the past financial year. According to projections of another industry player, the market could grow to anywhere between 4,000 to 6,000 during the current financial year.
In an earlier interview with ETAuto, OSM’s founder-Chairman Uday Narang had stated that his firm is working on developing a Hydrogen Fuel Cell-powered cargo 3-wheeler. A technology showcase of the same may take place next month.
The Series A funding is crucial for OSM to scale up its operations in its attempt to gain a fair share of the electric 3-wheeler market. The 6-year old EV maker is learnt to be in talks for a Series B funding.
