Enigma Electric Vehicles has reported a 300% year-on-year increase in turnover for FY 2024–25. The company sold close to 4,000 vehicles during the fiscal, driven by a wider dealer network and rising demand for sustainable last-mile mobility solutions.
The company’s retail presence grew rapidly over the past year, expanding its dealership footprint from 35 outlets in FY 2023–24 to 65 by the end of FY 2024–25. Enigma now operates through 80 active dealerships, entering new markets including Hyderabad, Bihar, Rajasthan, and Maharashtra, with Tamil Nadu and Delhi emerging as top-performing regions. The GT450 model stood out as its bestseller, reflecting growing consumer acceptance of the brand’s product lineup.
Enigma is also sharpening its focus on B2B solutions as it looks to build a stronghold in the gig economy and last-mile delivery segments. The company already counts six government organisations, including the Indian Army, Indian Air Force, and BARC, among its clients and plans to sell 10,000 units over the next two years. This dual focus on retail and institutional customers is part of its strategy to balance volume growth with long-term partnerships.
The company’s growth trajectory shows that nimble players with strong customer-centricity can successfully scale in India’s competitive EV market. Its next phase of expansion, particularly in the B2B space, will test whether it can translate retail momentum into sustained growth.
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