Warivo Motor India, an electric two-wheeler startup, is aiming to almost double its revenue to Rs 120 crore this fiscal year, driven by its expansion into the high-speed electric scooter market. The company, previously focused on low-speed scooters, launched its first high-speed model, the CRX, priced at Rs 79,999 (ex-showroom).
CEO Shammi Sharma highlighted that the move into the high-speed segment will help boost volumes. “We were initially in the low-speed category, but with the CRX, we’re entering the high-speed market, which opens up more opportunities for us,” Sharma said.
The CRX, a mid-range high-speed scooter, marks the beginning of Warivo’s shift towards the faster segment. The company is also planning a bridge model between low-speed and high-speed scooters, along with a premium high-speed option.
Warivo Motor India currently offers four low-speed scooters, but Sharma noted that their future focus is shifting to high-speed models, though they will continue to meet the demand in the low-speed segment for some time.
Discussing growth targets, Warivo Motor India Director Rajeev Goel shared ambitious plans for the future. “Over the next three years, we are targeting 90-100% revenue growth. In FY25, we aim to reach Rs 120 crore, up from Rs 62 crore in FY24.”
Warivo’s manufacturing unit in Ellenabad, Haryana, has a daily production capacity of 600 units. The company has been selling around 2,000 units per month from its low-speed range. For the new CRX, which has a top speed of 50 kmph, Sharma said they expect to sell about 8,000 units in FY25. “We plan to expand into new markets, especially in South India, which has shown strong demand for such products. From next month through March, we aim to sell at least 8,000 CRX units,” Sharma added.
