Supertech EV Limited has acquired the running business operations of Supertech Inc, a proprietorship firm established in FY2005 by Mr. Jitender Kumar Sharma, through an agreement dated April 01, 2023. Supertech Inc was engaged in the manufacturing of E-Rickshaws and related components, including chassis bodies for other market players.
The acquisition consolidates operations in E-Rickshaw manufacturing and two-wheeler EV assembly, aligning business activities under a single entity. The company focuses on manufacturing E-Rickshaws using domestically sourced raw materials such as motors, controllers, brakes, differentials, axles, and tyres, while the two-wheeler EV segment relies on CKD (Completely Knocked-Down) kits imported from China for assembly.
As a key player in the Indian EV market, the company operates advanced manufacturing facilities in Haryana and offers a diverse portfolio comprising 12 models—8 variants of electric two-wheelers and 4 variants of E-Rickshaws.
A robust B2B distribution network of 445 distributors spans 19 Indian states, including Delhi, Haryana, Punjab, Himachal Pradesh, Uttarakhand, Rajasthan, Uttar Pradesh, Gujarat, Madhya Pradesh, Jharkhand, Bihar, Maharashtra, Chhattisgarh, Odisha, Telangana, Karnataka, Andhra Pradesh, Assam, and Nagaland.
With a strong focus on the electrification of mobility and alignment with India's clean energy goals, Supertech EV Limited is committed to expanding its presence in the EV segment through design, development, manufacturing, and distribution of high-quality electric vehicles. As of May 31, 2025, the company have total 148 employees on payroll. The Banker to the Company is ICICI Bank Limited.
INDUSTRY ANALYSIS
Industry Overview – Electric Vehicles (EV) in India
Electric Vehicle Industry Overview
The electric vehicle sector in India has witnessed a steady upward trajectory. In contrast, the domestic sales of internal combustion engine (ICE) vehicles have declined in recent years due to various factors such as the economic slowdown in FY20, COVID-19 impact in FY21, weaker rural demand, rising vehicle prices, semi-conductor shortages, and increasing fuel costs.
However, FY23 marked a recovery, with overall domestic automobile sales growing by 20%, followed by an additional 12.5% growth in FY24. This rebound was fueled by strong urban demand, a surge in utility vehicle sales, the vehicle scrappage policy, and enhanced infrastructure spending.
In FY24, EV penetration reached 7% of total vehicle sales, showing progress towards the Government of India’s ambitious 30% EV penetration target by 2030. The EV market recorded a 41.7% year-on-year growth in FY24, driven by government subsidies, rising fuel prices, and changing consumer preferences, along with the expansion of charging infrastructure.
Electric Two-Wheeler (E2W) Industry
The electric two-wheeler (E2W) segment is one of the most dynamic in India’s EV landscape. In FY24, E2W sales rose by 30%, with a CAGR of 143% from FY20 to FY24, reflecting strong consumer adoption. Key growth drivers include competitive pricing (aided by subsidies), low operating and maintenance costs, and growing environmental awareness.
As of FY24, E2Ws account for 5% of the total two-wheeler market, yet make up 56% of overall EV sales. Prices of electric two-wheelers have become increasingly competitive with petrol counterparts due to supportive policies and matured technology, making this segment the most promising among all EV categories.
While low-speed E2Ws continue to dominate in volume, their share is gradually reducing due to lack of subsidies and better ICE alternatives. However, these models remain popular among students and the elderly due to no license and registration requirements.
Electric scooters are the preferred choice, but the high-speed electric motorcycle segment is gaining momentum with multiple upcoming launches. Brands like Ather, Ola, Hero Electric, TVS, Bajaj, Okinawa, Pure EV, and Revolt have accelerated growth by offering diverse models across price points. This has led to E2W adoption even in Tier 3 and Tier 4 cities.
The total cost of ownership for E2Ws is over 50% lower than ICE vehicles, making them highly attractive for commuters and last-mile delivery players such as food aggregators. However, challenges persist, including limited range, underdeveloped charging infrastructure, low top speeds, inadequate support networks, and quality concerns.
Electric Three-Wheeler (E3W) Industry
Electric three-wheelers (E3Ws) play a vital role in intra-city and last-mile transportation in India. In FY24, E3W sales surged by 56% to a record 632,520 units, highlighting a strong post-pandemic rebound.
This segment is spearheading the electrification of the three-wheeler market, especially within the passenger segment, which primarily comprises low-speed e-rickshaws powered by lead-acid batteries. The cargo segment is also emerging rapidly, driven by demand from e-commerce and commercial sectors.
E3Ws are increasingly replacing traditional ICE vehicles due to better cost-efficiency and suitability for lighter loads. E-commerce giants like Flipkart, Amazon, and Big Basket are actively deploying electric cargo three-wheelers, further accelerating adoption.
The rise in e-commerce activity has significantly increased vehicle utilization for goods delivery, making E3Ws a preferred choice for cost-effective and sustainable urban logistics
BUSINESS STRENGTHS
A. Diverse Product Portfolio
As of May 31, 2025, Supertech EV Limited offers 12 electric vehicle models, including 4 variants of E-Rickshaws and 8 variants of E-Scooters, designed to cater to the evolving demands of Indian consumers.
B. Strong Client Reach
A wide-reaching presence across India, supported by a robust distribution network, ensures high accessibility and strong client engagement for the company’s electric vehicle offerings.
C. Flexible Business Model
Operations are driven by efficiency, adaptability, and innovation, with a dual focus on in-house manufacturing and assembly alongside third-party sourcing, enabling streamlined scalability and cost management.
D. Experienced Leadership
Led by a committed core team comprising Mr. Yetender Sharma, Mr. Jitender Kumar Sharma, and Mrs. Geetanjali Sharma, the company benefits from deep industry knowledge and strategic guidance.
E. Quality Assurance Framework
Quality control is managed through dedicated sourcing and QA teams, ensuring rigorous oversight of both in-house products and components sourced from third-party suppliers.
F. Environmental Sustainability
By offering electric mobility solutions, Supertech EV Limited advances the transition toward cleaner, eco-friendly transportation, aligning with India’s sustainability goals and attracting environmentally conscious consumers
BUSINESS STRATEGIES
A. Leveraging Market Expertise and Relationships
Ongoing efforts are made to identify and onboard new distributors through a competitive selection process, supported by coordination with stakeholders, consultants, local contacts, and the existing distributor network across various states in India.
B. Enhancing Operational Efficiency
Operational improvements are driven by the adoption of advanced machinery, project management tools, skilled manpower, and training programs to maximize productivity, optimize asset utilization, and strengthen supply chain performance.
C. Upholding Quality and Safety Standards
A strong focus is maintained on quality assurance and worker safety through systematic inspections, adherence to regulatory standards, and continuous process improvements, ensuring consistent and reliable output.
D. Building Strong Stakeholder Relationships
Long-term, mutually beneficial relationships with suppliers, customers, and employees are prioritized to enable repeat business, enhance performance across the supply chain, and support sustainable business growth
BUSINESS RISK FACTORS & CONCERNS
1. Product Development and Execution Risks
Future growth depends heavily on the ability to develop, manufacture, and launch new EV models, including E-Scooters and E-Rickshaws, on time and at scale. These processes require significant capital investment, R&D, skilled human resources, and optimized supply chains. Lack of prior large-scale manufacturing experience may lead to cost overruns and delays, affecting market competitiveness and share.
2. Intense Market Competition
Success in the EV market is influenced by factors such as technological innovation, pricing, product quality, safety, design, brand value, and sales and service efficiency. Rising competition may result in declining unit sales, increased inventory, and difficulty in retaining or growing market share.
3. Battery Safety Concerns
Electric vehicles are powered by lead-acid and lithium-ion batteries, which carry a risk of thermal incidents, including fire or smoke emissions. Such failures may lead to product recalls, redesigns, lawsuits, and reputational harm, along with potential product liability claims and negative consumer perceptions, all of which could severely impact financial and operational performance.
4. Regulatory Compliance Risk
All EVs must comply with motor vehicle standards set by the International Centre for Automotive Technology (ICAT) under NATRiP. Certification under Central Motor Vehicle Rules, 1989, includes compliance with safety standards for various components. Failure to meet these criteria may result in non-certification, rendering the vehicles non-roadworthy and unfit for public launch, adversely affecting business operations.
Supertech EV Limited faces critical risks related to product development, battery safety, regulatory compliance, and competitive pressures. The company's future growth and market position depend on successful execution across these areas, with any shortcomings potentially leading to financial losses, reputational damage, or operational disruptions.
