The Mumbai based new-age mobility start-up, Accelo, is planning to launch its first product, the Issac, a semi-autonomous e4W, by the end of Q2FY22. The vehicle is currently being tested with the ARAI and is expected to be finished by the end of the fiscal year.
Speaking to Mobility Outlook, Arbaz Reza, CEO and Founder, Accelo, said that priced between INR 6.5 lakh to INR 9lakh, this vehicle will have multiple variants, catering to different use cases.
The base model, targeted at the last mile delivery market, will come with a claimed range of 150 kms while having a maximum loading capacity of two tonne, with a 15kW motor. “Isaac reduces at least 45% to 50% of operational charges as compared to petrol and diesel vehicles that the delivery companies run currently,” he claimed.
Aside from the last-mile delivery sector, the vehicle is also expected to target niches such as in-campus and off-roading with appropriate body modifications. The company hopes to sell about 300 units during the first 18 months.
Regarding the production of these vehicles, the company intends to relocate to a new plant in Navi Mumbai in March 2022.
“For the base model, we have fixed everything, but we are still testing the components for the new iteration. Our vendors are pretty much sure that they can cater to us,” Reza added.
The company plans to launch the vehicle starting from Mumbai and expand to other cities in Maharashtra and India. As the company hopes to take a direct-to-consumer approach, it intends to set up experience centres.
Journey So Far
With an initial investment of INR 60 lakh raised from Sine- IIT Bombay, Riidl and iCreate, Accelo’s journey began in 2017. The founder said that the funds mostly went into R&D during the entire development cycle and set up the production line.
The company developed the prototype by July 2021 with the help of Sine and Riidl. “For the initial year and a half, we were associated with iCreate and Riidl. And it was with their assistance that the prototype was designed and manufactured,” he said.
These prototypes were powered by a 5kW motor that made the vehicle capable of reaching a top speed of 25 kmph while having a range of 90-100 kms.
It began the deliveries of these prototypes to a few factories, including a sugar factory in Karnataka, by October 2021.
Now with the launch of the e4W, it intends to raise an additional INR 10 crore by the end of February 2023. According to the CEO, these funds will be mainly used to establish new experience centres and enhance production capabilities.