Lectrix EV Powers Ahead with $100 Million Fundraising Plan

Lectrix EV, the electric vehicle branch of SAR Group, plans to raise $100 million to expand its operations. The company aims to enhance its dealership network and set up charging infrastructure across 100 cities. It has already invested $50 million and announced the electric scooter NDuro.

Lectrix EV, the e-mobility division of SAR Group, is gearing up to secure around $100 million from external sources in its forthcoming growth phase, company founder Rakesh Malhotra revealed.

Having already infused Rs 300 crore internally, Lectrix EV plans to enhance its dealership network and implement charging infrastructure in 100 cities with the new capital.

With 15,000 scooters and 30,000 three-wheelers on the road, the company launched a new electric scooter model, NDuro, aimed at transforming urban mobility.

(With inputs from agencies.)