Electric mobility company Jitendra EV has unveiled plans to invest up to ₹125 crore over the next five years to support its growth ambitions. The investment will be directed toward research and product development, as well as increasing its manufacturing capabilities, according to Co-Founder Samkit Shah.
Of the total planned investment, ₹80–100 crore will be allocated to R&D and new product innovation, while ₹25 crore will be used to expand the company’s manufacturing infrastructure. The company, which recently showcased its upcoming hybrid vehicle Hydrix, is also targeting a significant increase in annual sales. “We aim to double our sales this fiscal, building on the 4,200 units sold in FY 2024–25,” Shah stated.
Hydrix, a hybrid three-wheeled quadricycle, is scheduled for launch in 2028. It will be powered by both hydrogen and electric energy, offering an estimated range of 400 km and a top speed of 120 km/h. In the near term, the company is also preparing to introduce Klasoo, a high-performance electric two-wheeler tailored for urban commuters. This follows the recent launch of the Yunik electric scooter, priced at ₹1,24,083 (ex-showroom), offering a range of 118 km per charge and a top speed of 72 km/h, designed for young professionals and family use.
Jitendra EV currently operates a manufacturing facility in Nashik with an installed capacity of 60,000 units annually, scalable to 96,000 units. To support its future growth, the company has also acquired a seven-acre plot in Nashik for further expansion.
Looking ahead, Shah shared the company’s goal to reach monthly sales of 10,000–15,000 units by 2028. In FY 2024–25, Jitendra EV sold over 3,600 low-speed and 500 high-speed electric scooters. For the upcoming fiscal year, the company aims to double both figures. Growth is expected to come from an aggressive expansion of its retail network, with 100 new dealerships being added this year to its existing 100 outlets across 25 cities.
“We’re focusing on expanding in key markets such as Maharashtra, Gujarat, Tamil Nadu, Uttar Pradesh, Karnataka, and Delhi,” Shah added. “Our product strategy is designed to serve both personal mobility and last-mile delivery needs, especially within the e-commerce sector.”
Founded in 2016 as part of the Shah Group, Jitendra EV is backed by a conglomerate with over 40 years of experience in various sectors. Battery Smart, established in 2019 by Pulkit Khurana and Siddharth Sikka, has quickly become a key player in India’s electric vehicle market, completing over 50 million battery swaps and operating over 1,400 swap stations nationwide.
