Tunwal E-Motors IPO

Incorporated in December 2018, Tunwal E-Motors Limited is a leading electric vehicle (EV) manufacturing company dedicated to the design, development, manufacturing, and distribution of high-quality electric two-wheelers. The company has successfully introduced over 23 distinct models in the local market, catering to a diverse range of consumer needs.

Tunwal E-Motors has established a significant presence across 19 states in India through an extensive network of over 256 dealers. Each appointed dealer is required to provide comprehensive after-sales services, including routine maintenance, battery management, diagnostics, safety checks, and component replacements, ensuring customer satisfaction and vehicle longevity.

The company’s manufacturing facility is located in Palsana, Sikar, spanning an area of 8,000 square meters. This state-of-the-art plant has a production capacity of up to 41,000 units, enabling Tunwal E-Motors to meet the growing demand for electric bikes.

As of March 31, 2024, Tunwal E-Motors employs 64 permanent staff members. The company is committed to operational excellence, regularly training its employees to enhance productivity and ensure adherence to stringent quality and safety standards.

Tunwal E-Motors Limited continues to play a pivotal role in advancing the EV industry in India, contributing to a sustainable future with its innovative and reliable electric two-wheelers.

Industry Outlook:

1. India's electric two-wheeler segment grew at a staggering 303% CAGR from FY21 to FY23, outpacing all other segments in the dynamic EV market.
2. By 2030, India’s E2W exports are projected to exceed US$ 28-30 million, growing at a robust CAGR of 10-12%, highlighting significant export potential.

Tunwal E-Motors Limited IPO Objectives

The company plans to allocate the net proceeds from the issuance to the following purposes:

1. Funding of working capital requirements of the Company
2. Research & Development
3. Pursuing Inorganic Growth
4. General Corporate Expenses

Peer Details

The companies considered by Tunwal E-Motors as its peers include:

1. Wardwizard Innovations & Mobililty Limited
2. TVS Motors Limited

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Contact Details of Tunwal E-Motors Limited IPO

• Registered office: Rama Icon Commercial Building, Office No 501, S.No 24/2, C.T.S No. 2164, Plot No. 31/11 Sadashiv Peth, Pune, 411030 Maharashtra India
• Phone: +91-20-24336001
• E-mail: cs@tunwal.com

IPO Financials

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Strengths

1. Experienced leadership with a decade of industry expertise.

2. Leveraging management's market acumen for identifying opportunities.

3. Diverse portfolio with over 23 electric two-wheeler models.

4. Presence in 19 states with 256+ dealers.

5. Commitment to sustainability with eco-friendly electric two-wheelers.

6. Resilient profitability even during the COVID-19 pandemic.

Risks

1. Legal proceedings could result in ₹282.92 lakhs liabilities.

2. Criminal case involving promoter may impact reputation.

3. Developing new EVs requires significant capital investment.

4. Reliance on third-party suppliers for raw materials.

5. 80% of raw materials from few international suppliers.

6. Pricing pressure may adversely affect profit margins.

7. Supply chain disruptions can impact manufacturing and delivery.

8. Inability to anticipate market trends may affect competitiveness.