At Okaya EV, we are actively shaping the future of electric mobility: Dr Anshul Gupta

With a legacy spanning four decades, Okaya has established itself as a trusted and renowned symbol of quality in India. Okaya’s expansion into the Electric Mobility sector marks a significant milestone in its long-standing legacy of excellence. Leveraging its decades of experience and reputation for quality, Okaya is poised to make a notable impact in the rapidly evolving landscape of electric transportation in India. By introducing Okaya Electric Vehicles, the company is not only demonstrating its commitment to innovation but also addressing the growing demand for eco-friendly mobility solutions. With a comprehensive range of offerings including Electric Vehicles, EV Batteries, Charging, and Battery Swapping solutions, Okaya is positioned as a one-stop destination for all electric mobility needs.

In this week’s AG Talk interaction, Dr Anshul Gupta, Managing Director, Okaya EV, speaks about the brand’s growth in the EV sector, the outlook for electric mobility in India, revolutionising battery technology, partnering with 12 leading finance companies, and more.

Please give us a brief overview of Okaya EV, and it’s positioning in the electric vehicle market.

The popularity of electric vehicles (EVs) in India has increased dramatically, with a remarkable 49% growth in sales in 2023, reaching a total of 1,532,307 EVs across various segments. Notably, the electric two-wheeler (e-2W) segment played a crucial role, contributing 5% to overall two-wheeler sales. Despite facing challenges such as the reduction of FAME subsidies, causing a temporary dip in sales, the industry demonstrated resilience, with a year-over-year increase of 36%.

In the face of these challenges, Okaya EV has maintained a steadfast commitment to driving sustainable and safe mobility solutions. Our dedication to a safer and greener future serves as motivation to overcome obstacles and embrace possibilities in this ever-changing landscape. Okaya stands as the No. 1 EV charger brand, actively investing in charging infrastructure to support the widespread adoption of electric vehicles.

We are at the forefront of revolutionising battery technology, focusing on improved performance, longer range, and seamless charging experiences for EV users. Our strategic collaborations with charging network providers and government agencies aim to establish an extensive charging network, making EV charging convenient and accessible for everyone. At Okaya EV, we are not merely adapting to change, but actively shaping the future of electric mobility.

How does Okaya EV differentiate itself from other players in the electric vehicle market?

Our dedication to overcoming challenges and embracing possibilities is evident in the careful selection of LFP (Lithium Iron Phosphate) Technology for our scooters, placing customer safety at the forefront of our priorities. We firmly believe that by prioritising safety and incorporating cutting-edge technologies, we contribute to a more sustainable and thriving future.

In evaluating the most suitable battery type for the Indian market, we consider crucial factors such as safety, durability, performance, and sustainability. Recognising that safety is a paramount concern for customers, we have chosen LFP batteries due to their higher thermal runaway temperature at 270 °C, ensuring a safer operating environment and a longer lifespan compared to NMC technology.

Acknowledging the significant challenge consumers face in the EV industry regarding servicing and spare parts availability, as an Indian OEM, spare parts availability won’t be a concern for us. We’re actively developing a structure to guarantee customers swift access to services and ensure spare parts are available within a maximum of 24 hours.

At Okaya EV, we stand firm in our belief that by prioritising safety, service, embracing advanced technologies, and focusing on durability, we set ourselves apart as a leader in the electric vehicle industry, contributing to the sustainable evolution of India's electric mobility landscape.

How does Okaya EV leverage innovation in its product offerings and marketing initiatives?

Okaya EV takes pride in its commitment to innovation, evident through strategic partnerships and groundbreaking initiatives. The collaboration with SIDBI for the “Mission 50K-EV4ECO” initiative underscores our dedication to transforming the electric vehicle landscape in India, with a focus on fostering adoption among micro, small, and medium enterprises (MSMEs). Additionally, Okaya EV has joined forces with 12 finance companies to offer enticing on-road financing options, starting at an industry-leading 5.99%. This includes zero down payment, zero processing fees, and flexible terms up to 48 months, ensuring accessibility for a wide customer base.

In line with our customer-centric approach, Okaya EV has recently introduced roadside assistance services in partnership with ReadyAssist. This comprehensive pan-India support includes 24/7 real-time vehicle breakdown assistance, on-spot repairs, flat tire assistance, battery swaps, minor repairs, custody service, key lockout assistance, towing service, and free ambulance support. Through these strategic endeavours, Okaya EV continues to spearhead innovation in both product offerings and marketing initiatives, driving the widespread adoption of electric vehicles across the country.

From your perspective, how has the electric vehicle market evolved in recent years, and what trends do you foresee in the near future?

The global EV sector is poised for substantial growth with a projected continuous annual growth rate (CAGR) of 23.2%, reflecting a shift towards sustainable mobility. In India, where we operate, the outlook is particularly promising, with an anticipated CAGR of 54% market share. This growth is fueled by the identified potential post the tapering of the Fame 2 subsidy, propelling the adoption of electric vehicles across the country. Notably, a 2% reduction in the annual growth rate of two-wheeler petrol vehicles underscores the increasing significance of EVs in the transportation landscape.

Looking ahead to 2024, we expect to witness pivotal developments, including advancements in battery technology and an expanded charging infrastructure. Government initiatives, strategic approaches by automakers, and evolving consumer experiences will play pivotal roles in shaping the industry landscape. The year 2024 holds the promise of a transformative period for the global EV sector, and Okaya EV is at the forefront, contributing to this exciting journey towards sustainable mobility.

Could you provide insights into Okaya EV’s future expansion plans, both geographically and in terms of product offerings?

Our commitment to continuous innovation in battery technology propels our future expansion plans. With nearly two decades of expertise in the sector, safety is paramount, and we advocate for the use of naturally safe LFP (Lithium Iron Phosphate) technology, particularly suited for India’s climate. This choice significantly reduces the risk of thermal runaway, ensuring the safety of our EVs.

Our dedication to meeting consumer preferences is reflected in the integration of touchscreen-enabled display systems in Moto Faast, addressing the demand for feature-rich scooters. Moto Faast offers a perfect blend of safety, style, and cutting-edge features, exceeding the dynamic expectations of the Indian market. Furthermore, our relentless R&D efforts guarantee that upcoming EV products will uphold the highest standards in technology, performance, design, and safety. As we shape a greener and smarter future, we are also gearing up to enter the Bike Segment, expanding both geographically and in terms of product offerings.

Are there any noteworthy collaborations or partnerships on the horizon for Okaya EV? 

Okaya EV has partnered with 12 leading finance companies, enabling us to provide on-road financing with low-interest rates starting at 5.99%. This initiative empowers our customers with attractive benefits such as zero down payment, zero processing fees, and flexible repayment terms extending up to 48 months. Our commitment to customer satisfaction extends beyond the purchase, ensuring that individuals can select repayment schedules that align with their financial preferences for both our low and high-speed product segments.

Furthermore, we are excited to announce our recent collaboration with ReadyAssist, marking the introduction of Okaya EV’s roadside assistance services. In partnership with ReadyAssist, we are now able to offer pan-India service support to our valued customers. This comprehensive service includes 24/7 real-time vehicle breakdown assistance, on-the-spot repair services facilitated through a network of 8,000+ active service providers nationwide, flat tire assistance, battery swaps, minor repairs, custody services, key lockout assistance, towing services, and even free ambulance support. This strategic collaboration underscores Okaya EV’s commitment to delivering not just innovative electric mobility solutions, but also unparalleled support and assistance throughout our customers’ journey.