PNN
New Delhi [India], January 31: Sampoorna EV, one of the emerging players in the electric vehicle sector, has transitioned to a fully bootstrapped company following the return of its investment to Dr. Piyush Dwivedi, Promoter and Chairman of NexGen Energia Limited. The move, effective from 28th December 2023, comes after Dr. Dwivedi decided to independently enter the EV industry and mutually agreed with Sampoorna EV's Founder and Managing Director, Vikas Gupta, to return the investment.
The investment journey between Sampoorna EV and Dr. Dwivedi began when he acquired a 25% stake in the company, valued at 6 Crores. However, in a turn of events, Dr. Dwivedi decided to pursue independent ventures in the EV industry. Following this decision, a mutual agreement was reached with Sampoorna EV's Founder and Managing Director, Vikas Gupta, leading to the return of the investment and thereby exit from Sampoorna.
Speaking on this development, Gupta said, "The return of this investment is a significant milestone for Sampoorna EV. As a fully bootstrapped company now, we are steering towards a path of self-reliant growth and innovation in the electric vehicle sector. Our achievement of adding 50 Dealership and Distribution points in just six months, along with clocking a revenue of Rs. 4 Crores in the same period, stands testament to our robust business model and market acceptance."
Sampoorna EV's journey in the last six months has been marked by rapid expansion and revenue growth. The addition of 50 new dealership and distribution points is a significant leap in the company's market presence and customer reach. The reported revenue of Rs. 4 Crores during this period underlines the company's success in capturing market opportunities in the burgeoning EV sector.
The return of the investment and the shift to a fully bootstrapped model offer Sampoorna EV increased autonomy and flexibility in its operations. This strategic financial restructuring is seen as a move to adapt to the evolving dynamics of the electric vehicle industry and to harness opportunities for growth and expansion.
The electric vehicle sector in India is at a critical juncture, with increasing focus on sustainable and environmentally friendly transportation solutions. Sampoorna EV's transition to a fully bootstrapped company aligns with the industry's trend towards financial independence and self-sustained growth.
With this latest development, Sampoorna EV is set to continue its journey in the EV market, focusing on expanding its network, enhancing customer reach, and contributing to the growth of the electric vehicle sector in India. As a now fully self-reliant entity, Sampoorna EV looks forward to navigating the challenges and opportunities of the rapidly evolving electric vehicle landscape.
For the better green future of EV Industry in the upcoming interim budget Mr. Gupta expressed, "The EV Industry is struggling to start indigenous production and a major bottleneck in this path is the higher GST Input cost since most of the components of the EV Industry are under the tax bracket of 18% or 28% GST rate whereas the EV Finished product is sold @5% GST rate, however, if the same component is imported from outside India, it can be Customs cleared @ 5% GST rate. Sampoorn EV expects this anomaly to be done away with."
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