Raptee’s e-motorcycles will be more enjoyable than petrol bikes: CEO

The electric motorcycle market is poised to welcome a new player as Chennai-based Raptee prepares to launch its latest vehicle in the coming weeks.

In a conversation with The Federal on the sidelines of sister concern Puthiya Thalaimurai TV’s flagship event, Thamizhan Awards 2024, Raptee co-founder and CEO Dinesh Arjun discussed the dynamics of India’s electric two-wheeler market, the impact of EV policies, and the company's plans to raise additional capital to scale up.

Edited excerpts:

When can we expect the commercial launch of Raptee’s electric two-wheeler?

Our battery has just received certification. Our motorcycles are currently undergoing the certification process, and we anticipate launching them in the next few weeks.

With India’s electric two-wheeler market primarily dominated by scooters, and only a few players in the premium bike segment scattered across various cities, what sets Raptee apart in terms of competitive edge?

While the electric two-wheeler market is predominantly focused on scooters, the motorcycle segment is significantly larger overall. Our goal is to offer a product that represents a substantial upgrade over traditional petrol-powered vehicles.

A major challenge with the current electric two-wheelers, whether scooters or motorcycles, is the lack of accessibility to public charging infrastructure. Raptee’s motorcycle will be the first to be compatible with public charging stations, such as those at Shell or IOCL.

We are committed to providing a battery that requires no replacement throughout its lifetime. Ultimately, we aim to make electric motorcycles not only a practical choice but also a more enjoyable alternative to petrol-powered bikes.

Despite substantial fiscal incentives in Tamil Nadu’s EV policy, the vehicle cap remains relatively low, and there is currently no vehicle scrappage policy in place. Do you think there should be amendments to the policy to address these issues?

I’ve been outspoken about the fact that demand-side incentives often fall short. For example, while the FAME programme initially provided much-needed momentum to the industry, recent developments have been detrimental to the EV ecosystem. We’ve seen fly-by-night players exploit subsidies, delivering products that don’t meet our needs, and the consequences are evident.

I believe that focusing on supply-side incentives, even at the federal level, would be more effective. For instance, Tamil Nadu’s EV policy is structured to support the kilowatt capacity of chargers rather than just the number of chargers, which is a more practical approach. Well, the scrappage policy is still evolving and I feel the steps are taken on the right track.

The company has raised $5 million in funding till date. I’m sure you wanted to ramp up production capabilities further. Anything on fresh capital coming in?

We have raised approximately $4.5 million in equity so far, along with $0.5 million in grants from the certifying authority for automobiles. These grants support the development of our high-voltage powertrain. We’re in the middle of raising capital and we hope to wrap it up in the next few weeks.

Ola Electric IPO created a lot of buzz in the business world. I know there’s still a long way to go for Raptee but any target year you have set for a potential IPO in the future?

I think it’s too early to comment on that. Our immediate focus is on production and launch. We’re dedicated to doing things the right way, unlike many companies that have launched vehicles but failed to deliver for years. Our products are nearly ready, and we will be launching them very soon. That remains our primary focus right now.