The company, which has two electric scooters and an electric bike in its portfolio, is also looking to raise around USD 25 million next year to fund production capacity expansion.
"In the last three years we have been growing 100 per cent each year. I think 2024 will be no different," Gupta said when asked about the outlook for the next year.
On absolute sales volumes, he said,"This year I think we will sell about 20,000 electric scooters and motorcycles and next year we will be trying to push it to around 50,000 to 60,000 units."
When asked about future product plans, he said the company has been working on its new platform 'Nimbus' to develop an electric bike equivalent to a 100 cc conventional engine motorcycle, one of the largest segments of the Indian two-wheeler market.
The penetration can be high in tier II and III cities and other smaller towns, he said adding,"We thought the market is huge here."
It will compete with the likes of Hero Splendor and Bajaj Platina.
{{/usCountry}}It will compete with the likes of Hero Splendor and Bajaj Platina.
{{/usCountry}}"This product can be made for B2C application for the retail customers, and also for B2B application for the hyperlocal logistics customer. The same platform can be also customised to meet different needs such as e-commerce, food delivery and bike taxi. We will launch it in the next financial year," Gupta said.
On HOP Electric's fundraising plans, he said,"This year we did not raise any investment. Next year we have plans to raise around USD 25 million for our capacity expansion and the new facility."
The company had raised investments from a publicly-listed company called Genus Power Infra in 2022, Gupta added.
Currently, the company is manufacturing at its Jaipur plant but is setting up a facility at Neemrana in Rajasthan.
"We have got PLI which was given by Government of India...The EV Park in Neemrana will serve the demand and develop end-to-end capabilities in order to roll out our vehicles," he said, adding the company expects to start manufacturing at the new location around 2025.