Omega Seiki is looking to raise USD 50-75 million in Series A funding for new products.

According to Narang, the company is looking for long-term stable capital or a strategic investor who believes in the vision of green energy and sustainability.

According to company officials, Omega Seiki is looking to raise USD 50-75 million in Series A funding for new products, R&D for the truck segment, and critical component manufacturing, among other things. Part of the proposed USD 50-75 million funding should arrive later this year or early next year, depending on the festival season.

Omega Seiki Mobility (OSM) is looking for long-term investors to scoop up these funds, which are expected to be in place by early next year.

Uday Narang, Founder and Chairman of the company said that "We are considering Series A funding in the range of USD 50-75 million. We believe this will be sufficient to prepare for a massive IPO next year. Depending on the investor, we will dilute the minority stake. We will proceed with like-minded partners who have a long-term (5-10) vision for this segment. We have begun discussions with international funds interested in being a part of India's growth story. Specifically, someone with a long-term perspective on green energy and sustainability.”

According to Narang, the company is looking for long-term stable capital or a strategic investor who believes in the vision of green energy and sustainability.

"We'll use these funds for R&D activities for our trucks division, critical component manufacturing, expanding our three-wheeler factories, and introducing newer technology-based products. The company has initially set aside USD 40 million for these two regions and has begun investing its capital," Narang explained.

OSM already has a monthly capacity of 2,500 three-wheelers. He stated that the company anticipates a 15-25 per cent rate of return in the EV business over time.

OSM is also looking for international funding to fund its African and European businesses separately.

About Omega Seiki Mobility

OMEGA SEIKI MOBILITY is part of the Anglian Omega Network, which operates in six countries: India, the United Arab Emirates, Switzerland, Thailand, Japan, and Hong Kong.

Omega Seiki Mobility is an Indian electric vehicle manufacturer that is developing its line of commercial EVs that will largely be used for last-mile delivery in e-commerce. Omega Seiki is a separate business auto division of the Anglian Omega Group, with headquarters in New Delhi, India. The company's first vehicle, the Rage+, was designed and manufactured in-house at its manufacturing site in Faridabad, Haryana. Rage+, which was unveiled at the 2020 Auto Expo in February, is known as India's first smart electric cargo three-wheeler. Recently, the business debuted Rage+ Frost. Omega Seiki Mobility Trucks are used for the transportation of food and drugs, particularly the COVID-19 vaccine.

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