Information on the target
Victory Electric Vehicles International, established in 2011 by Sanjay Kumar Popli, is a Haryana-based company dedicated to providing eco-friendly and affordable electric vehicle transportation solutions. The company specializes in manufacturing e-rickshaws, e-cargo/loader e-rickshaws, and scooters, while also offering customized L3 e-three wheelers tailored to specific needs, such as food and ice cream delivery. These vehicles are designed for efficiency, with a maximum speed of up to 25 km/h and a motor power of 1,200 watts or less. Additionally, Victory Electric's L5 electric vehicles, intended for goods or consumer transport, can reach speeds of up to 55 km/h with a motor power of 3,000 watts or less.
Industry overview in the target’s specific country
The electric vehicle (EV) industry in India is experiencing rapid growth, driven by increasing environmental awareness and government initiatives aimed at promoting sustainable transportation. The Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) scheme is one such initiative that has significantly contributed to the sector's expansion. This program provides financial incentives for the adoption of electric vehicles, thereby encouraging consumers and manufacturers alike to invest in greener alternatives.
Market projections indicate a promising future for the Indian EV sector, with the market size expected to grow from approximately US$ 3.21 billion in 2022 to an impressive US$ 113.99 billion by 2029, reflecting a compound annual growth rate (CAGR) of 66.52%. This growth trajectory is supported by a combination of technological advancements, increased investment in charging infrastructure, and a growing consumer base that is increasingly inclined towards sustainable transportation options.
Victory Electric Vehicles operates in several key states across India, including Haryana, Rajasthan, and Delhi, positioning itself strategically within a rapidly evolving market. The company's commitment to sustainability and innovation aligns with the broader trends in the industry, as more consumers seek eco-friendly transportation solutions. Furthermore, the rise in the company's profit after tax (PAT) from ₹0.79 crore in 2023 to ₹5.17 crore in 2025 underscores its successful adaptation to market demands and operational efficiencies.
The rationale behind the deal
The upcoming IPO for Victory Electric Vehicles International, scheduled to open on January 7, 2026, and close on January 9, 2026, aims to raise ₹34.56 crore at a fixed price of ₹41 per share. The funds raised through this IPO will be utilized for asset expansion, infrastructure investment, and operational funding, which are critical for scaling the company's production capabilities and enhancing its market presence. This strategic move is expected to bolster the company's growth trajectory in the burgeoning electric vehicle market.
Information about the investor The investor community is keenly observing Victory Electric Vehicles International due to its strong financial performance and growth potential within the electric vehicle sector. The company has demonstrated resilience and adaptability i…