In Conversation With Sumeet Gupta, Founder And Managing Director, VEGH

Take us through your professional journey?

I am a law graduate with a strong passion for business. Being the first-generation entrepreneur in my family, I embarked on a journey in the sales and distribution sector of the FMCG industry to gain valuable market insights.

Driven by my desire to establish successful brands, I ventured into manufacturing fruit juices under the brand name "Mania" in 2012, leveraging my expertise in the distribution market. Within 7 years, we expanded our manufacturing operations to five locations, including Nepal. Through our strong distribution capabilities, Mania has achieved the status of a 200-crore company. Notably, we have secured a monopoly in the energy drinks market in Nepal and have a significant market share in sales through the Indian Railway Catering and Tourism Corporation (IRCTC)

In addition to our presence in the FMCG sector, the company boasts a diverse portfolio encompassing construction, retail apparel, automobiles, and ayurvedic products. Our latest foray has been into the electric vehicle (EV) segment.

What led to the inception of VEGH? What vision derives the EV Industry, and How do you want to Establish VEGH?

As an entrepreneur, I closely monitor emerging technologies and business possibilities to expand and invest. After Establishing Mania, I decided to diversify my business portfolio and enter into automobiles. I have been following the developments of the EV industry for quite some time, and in 2021, I envisioned making EVs as a primary vehicle for the entire family. This led to the beginning of VEGH.

A deep-rooted passion for sustainability, innovation, and a strong belief in the transformative power of clean transportation drove the inception of VEGH. We recognized the urgent need to transition from traditional fossil fuel-powered vehicles to more environmentally friendly alternatives to combat climate change and reduce dependence on non-renewable resources.

Vegh was founded in 2021 by a group of entrepreneurs passionate about the potential of electric vehicles to revolutionize the transportation industry. We saw that the EV market in India was still in its early stages, but we believed there was a huge opportunity to grow it and make EVs more accessible to consumers.

Our vision for the electric vehicle (EV) industry is centered around forging a sustainable future through a transformative impact on transportation. Our overarching objective is to establish zero-emission vehicles as the standard, utilizing clean energy sources and enabling efficient and environmentally conscious mobility. In the Indian market, we are committed to promoting electric vehicles as the predominant mode of transportation, actively tackling concerns such as pollution, congestion, and dependence on fossil fuels. By prioritizing affordability and accessibility, we aspire to facilitate the widespread adoption of EVs, ultimately cultivating a cleaner, healthier, and sustainable future for our nation.

Vegh is strategically positioned to establish a dominant presence in India's electric vehicle (EV) industry by leveraging key pillars of success: product development, infrastructure expansion, and branding. With a sharp focus on affordability and consumer satisfaction, Vegh is committed to designing electric vehicles tailored to the specific needs of Indian consumers. Simultaneously, the company aims to build a resilient EV charging network to support widespread adoption. By delivering exceptional quality, competitive pricing, fuel efficiency, and unparalleled after-sales service, Vegh envisions its brand to epitomize excellence and consistently surpass customer expectations.

Your company has recently raised Funding of $5 Million; how do you plan to utilize this?

The recent capital infusion is a part of the company's ongoing pre-series fundraising round, aimed at securing $50 million. The funds will be s trategically deployed to reinforce the company's working capital requirements. A significant portion will be allocated towards developing a resilient and efficient sales and distribution network, bolstering market penetration. Additionally, the funds will be utilized to expand the company's manufacturing capabilities, particularly in electric vehicle (EV) parts, to meet the rising demand. Furthermore, a portion of the funds will be directed towards furthering research and development (R&D) initiatives, fostering innovation and technological advancements.

How do you see the EV industry evolving from here? What key challenges are EV manufacturers facing, and what support should the government provide?

The EV industry is evolving in a number of ways in the coming years. First, I believe we will see a continued increase in the number of EV models available in the market. As more and more automakers enter the EV space, we will see a broader range of choices for consumers, including vehicles that meet a variety of needs and budgets.

Second, I believe that we will see a significant improvement in the battery technology used in EVs. This will lead to longer ranges, faster charging times, and lower prices. As battery technology improves, EVs will become more and more attractive to consumers, and we will see a corresponding increase in demand.

Third, I believe that we will see the development of a more robust EV charging infrastructure. This is essential for the widespread adoption of EVs, as consumers need to be confident that they will be able to charge their vehicles quickly. The government can play a role in this by providing incentives for developing EV charging stations.

As the industry is evolving rapidly, we see a few challenges and opportunities ahead. The high cost of batteries and the lack of an established EV charging infrastructure are two of the biggest challenges. However, these challenges can be overcome with government support, such as incentives for the purchase of EVs and investment in EV charging infrastructure. We are confident that the EV industry will continue to grow in the coming years, and we are excited to be a part of it.