Supertech EV Ltd

About the Company

The Company is a pure EV player in India building vertically integrated technology and manufacturing capabilities for Electric Vehicles. It manufactures EVs including 2-Wheeler & E-Rickshaw at our factory. It has launched 8 variants of 2 Wheelers and 4 variants of E-Rickshaw. The Company operates through a widespread distributorship network of 445 in no. across India, as of date of Red Herring Prospectus. We aim to make electronic vehicles accessible to all groups of society.

Industry Overview

According to the Careedge Report, the growth of EV segment in India has been on an increasing trend. The domestic sales of ICE vehicles have witnessed decline over the past few years owing to slowdown in economy & consumption demand in FY20, impact of Covid-19 and economic degrowth in FY21. Moreover, slow rural demand, increase in vehicle prices, shortage of semi-conductors and increase in fuel prices are some of the factors which had adversely impacted the sales in FY22. However, in FY23 domestic automobile sales showed a growth of around 20% and in FY24, it further grew by 12.5% across segments which was supported by healthy demand in the urban areas, increasing replacement demand, growing demand for utility vehicles in the passenger vehicle segment, vehicle scrappage policy, and higher infrastructure spending. Overall, the penetration of EVs has increased to 7% of the total vehicle sales in FY24. This can be compared to the ambitious targets set by Government of India at 30% EV penetration by 2030. In FY24, the EV sales have witnessed massive growth of 41.7% in y-o-y units sold, driven by favorable government's policies for EVs supporting reduction in upfront cost and expansion of charging infrastructure, rising fuel prices and shifting consumer preferences. Electric two-wheelers (E2Ws) are a key segment of the electric vehicle market in India, with growing interest among consumers and increasing government support for electric mobility. The E2W sales in India has increased over the years and has witnessed significant growth in FY24. E2W sales in FY24 grew by 30% compared to the previous year. The CAGR of E2W during the period FY20 to FY24 stood at 143%. The E2W sales continued to soar in FY24 which can be attributed to the shift in customer preference from petrol two-wheelers to electric ones due to competitive prices (owing to government subsidies and technological developments), lower running costs, low maintenance charges, growing sensitivity towards the environment. Electric three-wheelers (E3Ws) are an important mode of transportation in India, particularly for last-mile connectivity and intra-city transportation. The E3W sales in FY24 grew by 56% to an all-time high at 632,520 units as compared to FY23, thereby indicating substantial growth post pandemic. The three-wheeler market is driving the electrification of the Indian automobile industry. Among Electric 3Ws, the passenger individual segment holds the major market share in India. These primarily comprise e-rickshaws that are low-speed, largely lead-acid-based vehicles. Also, the cargo segment has huge potential, supported by the increased offtake from e-commerce players, commercial utilization, and a stable business model with a charging infrastructure (provided through charging hubs).

Company History

Supertech EV Limitedwas originally incorporated as a Private Limited Company under the name of "Supertech EV Private Limited" on August 12, 2022 under the provisions of the Companies Act, 2013 with the Registrar of Companies, NCT of Delhi & Haryana. Subsequently, the name of the company was changed from "Supertech EV Private Limited" to "Supertech EV Limited" and a Certificate of Incorporation pursuant to conversion into Public Limited dated December 21, 2022 issued by the Registrar of Companies, NCT of Delhi & Haryana. Subsequently, on March 31, 2023, the running business of the proprietorship concern of its Promoter namely "Supertech Inc" was taken over by the Company, along with the assets and liabilities of the proprietorship concern as going concern.

Products & Services

• The Company is a pure EV player in India building vertically integrated technology and manufacturing capabilities for Electric Vehicles.

Growth Strategy

• Continue leveraging our market skills and relationships.
• Continue to Focus on operational efficiency.
• Focus on consistently meeting quality standards.
• Maintaining cordial relationship with our Suppliers, Customer and employees.