Mayuri e-Rickshaws Expands Dealership Network Across India

Key Highlights:

• Mayuri e-Rickshaws plans to expand its dealership network across India.
• Saera Electric aims to increase its showrooms to over 1200 and add 500 new dealerships by year-end.
• The company targets 50,000 retail units in FY24, up from 33,000 in the previous fiscal year.
• Mayuri's market share goal is 10%, up from 6% in FY23-24.
• Sales in Q1 FY24-25 grew by 50%, reaching over 10,500 units.

One of India's largest and leading electric vehicle manufacturers, Mayuri e-Rickshaws, Saera Electric's flagship brand, has announced plans to expand and intensify its dealership network across the country in order to strengthen its position and provide a more comprehensive and expansive service area for its electric rickshaws.

Saera Electric Auto now manages over 700 dealerships and expects to have over 1200 showrooms and 500 more dealerships by the end of the fiscal year. By allowing new dealership applications, the brand's expansion is a deliberate effort to meet rising customer demand across India.

Saera Electric Sets Target for Fiscal Year 2024

To assist Saera in meeting its ambitious objective of 50,000 retail units by the end of the fiscal year, an aggressive growth strategy has been launched. The company's growth plan marks a significant increase from its retail sales volumes of over 33,000 units in the previous fiscal year.

Mayuri aims for a 10% market share, a significant rise from its 6% market share in its category in fiscal year 2023-24.

The company states that it is on course to reach its stated goals, noting that Q1 FY24-25 (first quarter of fiscal year 2024-25) sales grew by 50% to over 10,500 units from 7,000 units sold in Q1 FY23-24.

Official Statement By Saera Electric Auto

Introducing the development plan, Nitin Kapoor, MD of Saera Electric Auto, stated, "As the Indian EV market expands, so does the need for electric 3-wheelers (E3Ws). E3Ws' uses are significantly more numerous and appeal to a broader spectrum of consumers, and with ever-changing technological breakthroughs, the value for money received from these vehicles is at an all-time high."

He went on to say, "The expansion is part of our growth strategy, but at its core is the growing need of consumers and businesses, as well as our efforts to provide them with the finest in the market. Mayuri is India's first e-rickshaw company, and since its beginning, it has provided industry-leading technology solutions, multiple industry-first features, superior quality and performance, and assisted in giving livelihood options for millions of Indians."

"Our focus on innovation and sustainability has positioned us as a market leader and we have taken measures right from our R&D cell to our supply chain, our service network to our assembly line to ensure continuity delivering on our promise to all partners and customers," he added.

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CMV360 Says

Mayuri's ambitious expansion and sales targets reflect the increasing demand for electric vehicles in India, especially e-rickshaws. As the EV market grows, companies like Mayuri are stepping up to meet consumer needs, ensuring wider availability and better service for electric rickshaws across the country.