Homegrown electric vehicle (EV) startup Vegh, on Tuesday, announced that it will open more than 100 stores in India by March 2024. The company, which aims to become a leader in the electric mobility sector, already has stores in seven states, including Uttar Pradesh, Jammu, and West Bengal.
The company, in a statement, said that it plans to enter five more states, such as Delhi NCR, Rajasthan, and Madhya Pradesh. It aims to have both its own outlets and franchise stores to reach different customers and is also in talks with distributors and dealers to grow its network.
Pragya Goyal, CEO of Vegh, said, "We have raised $5 million in funding, which will help us expand our business. We will open 100+ stores in key states to be closer to our customers and reach more people. We will use the money to improve our sales and service network, research and development, and brand image."
Vegh also plans to launch two new high-speed scooter models soon. Additionally, it will upgrade its existing models S60 and L25. The company wants to offer a variety of options to its customers.
Vegh claims to have a strong dealer and distributor network in its target states. It also has a good after-sales network and a factory in Bathinda, Punjab, that can produce 60,000 units. Vegh aims to increase its production and meet the growing demand for its electric vehicles.
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