Company Profile
Victory Electric Vehicles International Limited is a forward-thinking company engaged in the design, development, and production of electric vehicles (EVs) for a global market. The company aims to revolutionize the transportation industry by delivering efficient, eco-friendly, and technologically advanced mobility solutions.
Business Model
1. Value Proposition
Victory Electric Vehicles International Limited provides eco-friendly, cost-effective, and technologically advanced electric mobility solutions. The company focuses on meeting the growing demand for sustainable transportation by offering reliable electric vehicles that reduce environmental impact while delivering performance and affordability.
2. Target Customers
- Urban commuters seeking clean and affordable transport
- Fleet operators and logistics companies
- Government and institutional buyers for public mobility
- Ride-sharing and delivery service providers
- Environmentally conscious consumers
3. Revenue Streams
- Vehicle Sales: Direct sales of electric two-wheelers, three-wheelers, passenger cars, and light commercial vehicles.
- Fleet Solutions: Custom EV offerings and long-term contracts with logistics and delivery companies.
- After-Sales Services: Revenue from maintenance, spare parts, and extended warranty packages.
- Battery Leasing/Swapping: Optional battery leasing or subscription-based battery swapping services in select regions.
- Charging Infrastructure: Income from proprietary charging stations or strategic partnerships with third-party charging networks.
- Technology Licensing: Licensing of proprietary EV technology and software systems to OEMs and partners.
4. Key Activities
- Research and development of electric drivetrains, batteries, and smart vehicle systems
- Manufacturing and assembly of electric vehicles
- Establishment of sales and service networks
- Partnering for battery and charging infrastructure
- Marketing and brand development
- Compliance with global environmental and safety standards
5. Key Resources
- R&D and engineering teams
- Manufacturing plants and supply chain partners
- Technology patents and vehicle design IP
- Distribution and dealer networks
- Skilled workforce
- Strategic alliances with tech firms, battery suppliers, and energy companies
6. Channels
- Authorized dealerships and showrooms
- Direct-to-customer sales through company website and e-commerce platforms
- Fleet sales teams for business-to-business engagements
- Partnerships with ride-sharing and logistics companies
- Participation in EV expos and sustainability events
7. Cost Structure
- Manufacturing and raw materials (batteries, motors, chassis)
- Research and development investments
- Marketing and promotional expenses
- Distribution and logistics costs
- Workforce salaries and training
- Infrastructure and facility maintenance
8. Strategic Partnerships
- Battery manufacturers for advanced energy solutions
- Technology firms for smart systems and IoT integration
- Energy companies for charging station collaboration
- Governments for subsidies, incentives, and pilot programs
- Financial institutions to provide EV financing and leasing
9. Sustainability and Circular Economy
Carbon footprint reduction across operations
Use of recyclable materials in vehicle production
End-of-life battery recycling and reuse programs
Solar-powered charging station initiatives
Product Portfolio
1. Electric Two-Wheelers
Target Users: Urban commuters, students, and daily riders
Products Include:
- Victory Glide – A lightweight, stylish scooter designed for short city commutes with a compact battery and quick charging capabilities.
- Victory Bolt – A performance-oriented electric motorcycle built for speed, stability, and endurance.
- Victory Neo – A smart, app-connected scooter offering GPS tracking, ride analytics, and anti-theft features.
Key Features:
- Lithium-ion battery options
- Regenerative braking
- Smart dashboard and mobile connectivity
- Swappable battery support in select models
2. Electric Three-Wheelers
Target Users: Small business owners, last-mile delivery services, and public transport operators
Products Include:
- Victory EcoRide – A passenger e-rickshaw designed for shared mobility in urban and semi-urban areas.
- Victory CargoMate – A three-wheeler cargo vehicle tailored for small-scale commercial deliveries.
- Victory Shuttle – A higher-capacity three-wheeler for group transport and urban shuttle services.
Key Features:
- Durable chassis for rough road conditions
- High torque motors for load-carrying capability
- Long battery life and low maintenance costs
- Government compliance for subsidies and permits
3. Electric Passenger Cars
Target Users: Families, professionals, and environment-conscious drivers
Products Include:
- Victory Nova – A compact electric hatchback ideal for city driving with a range of 200–300 km per charge.
- Victory Luxon – A premium electric sedan featuring AI-based infotainment, advanced driver-assistance systems (ADAS), and a range of up to 500 km.
- Victory Terra – A compact electric SUV built for comfort, utility, and extended travel distances.
Key Features:
- Fast-charging support
- Eco and sport drive modes
- Over-the-air (OTA) updates and remote diagnostics
- Integration with home energy systems and mobile apps
4. Electric Light Commercial Vehicles (LCVs)
Target Users: Fleet operators, delivery companies, municipal bodies
Products Include:
- Victory VanGo – A panel van for urban logistics, equipped with modular cargo space.
- Victory WorkMax – A flatbed and pickup variant suitable for construction, agriculture, and transport.
Key Features:
- High payload capacity
- Configurable body types
- Optimized for route-based delivery
- GPS-enabled fleet management integration
5. Specialty & Custom Solutions
Target Users: Fleet buyers, institutional clients, and industrial transport sectors
Products Include:
- Victory CustomEV – Tailored vehicles for government programs, postal services, airport shuttles, and hospitality operations
- Battery Swapping Units – Modular battery swapping stations for fleet continuity
- Charging Solutions – Smart chargers and home/industrial charging infrastructure
Future Developments (Pipeline Products)
Ultra-fast public charging network partnerships
Autonomous delivery vehicles
Hydrogen-electric hybrid trucks
Smart connected EVs with 5G and AI integration
Financial Snapshot (as of March 31, 2024)
📊 Financial Highlights (₹ in Crores)
| Metric | FY 2023-24 | FY 2022-23 |
|---|---|---|
| Revenue from Operations | ₹48.44 | ₹51.91 |
| Profit After Tax (PAT) | ₹4.89 | ₹0.79 |
| Net Worth | ₹9.70 | ₹4.24 |
| Total Assets | ₹21.94 | ₹19.17 |
| Total Borrowings | ₹5.30 | ₹6.21 |
| Reserves & Surplus | ₹7.09 | ₹2.20 |
📈 Key Financial Ratios
| Ratio | FY 2023-24 |
|---|---|
| Earnings Per Share (EPS) | ₹3.16 |
| Return on Net Worth (RoNW) | 70.19% |
| Return on Capital Employed (ROCE) | 44.78% |
| Debt-to-Equity Ratio | 0.55 |
| PAT Margin | 10.10% |
Initial Public Offering (IPO) Plans
Victory Electric Vehicles International Limited, a prominent player in India’s electric vehicle (EV) sector, is set to launch its Initial Public Offering (IPO) on May 20, 2025. This move marks a significant step in the company’s growth trajectory and its commitment to expanding its presence in the EV market.
Objectives of the Issue
The primary objectives of the Initial Public Offering (IPO) by Victory Electric Vehicles International Limited are focused on supporting the company’s growth, enhancing operational capabilities, and strengthening its financial position. These objectives include:
- Capital Expenditure Expansion
To invest in upgrading and expanding manufacturing facilities, including the acquisition of new machinery, equipment, and technology. This will help increase production capacity and improve efficiency to meet the rising demand for electric vehicles. - Research and Development (R&D)
To allocate funds towards research and development activities aimed at innovating new electric vehicle models, enhancing battery technology, and improving overall vehicle performance and sustainability features. - Working Capital Requirements
To support day-to-day business operations such as procurement of raw materials, inventory management, and smooth cash flow, ensuring timely delivery of products and services. - Market Expansion Initiatives
To strengthen the company’s presence in domestic and international markets by expanding sales and service networks, including dealer expansion, marketing efforts, and customer support systems. - General Corporate Purposes
To meet other corporate expenses and strategic initiatives that contribute to the company’s long-term growth and value creation for shareholders.
Strengths for Investors
Strong Position in the EV Market
Victory Electric Vehicles International Limited operates in the fast-growing electric vehicle sector, benefiting from rising environmental awareness and government support for clean energy transportation.
Diverse Product Portfolio
The company offers a wide range of electric vehicles, from two-wheelers to commercial three-wheelers, catering to multiple market segments and reducing dependence on a single product line.
Focus on Innovation and Technology
With ongoing investments in research and development, the company is well-positioned to introduce advanced, energy-efficient, and smart EV solutions that meet evolving consumer needs.
Growing Market Demand
Increasing urbanization, stricter emission norms, and rising fuel costs create strong demand drivers for electric vehicles, positioning the company for sustained growth.
Experienced Management Team
Victory Electric Vehicles is guided by a leadership team with deep industry expertise, driving strategic growth and operational excellence.
Strategic Expansion Plans
The company’s initiatives to expand manufacturing capacity, dealer networks, and geographic reach enhance its competitive advantage and revenue potential.
Financial Improvement
Demonstrated improvements in profitability and net worth reflect operational efficiency and prudent financial management, instilling confidence among investors.
Government Support and Incentives
Favorable policies, subsidies, and incentives for electric vehicles provide a supportive environment for business expansion and profitability.
Future Outlook
Victory Electric Vehicles International Limited is poised to capitalize on the burgeoning electric vehicle (EV) market, driven by favorable government policies, technological advancements, and increasing consumer demand for sustainable transportation solutions.
🚗 Market Growth and Demand
The global EV market is experiencing significant growth, with projections indicating a substantial increase in sales over the coming years. In India, the EV market is expected to reach USD 113.99 billion by 2029, growing at a compound annual growth rate (CAGR) of 66.52% from 2022 to 2029 . This growth is fueled by rising fuel prices, environmental concerns, and supportive government initiatives.Yahoo Finance
⚙️ Technological Advancements
Victory Electric Vehicles is committed to continuous innovation, focusing on enhancing battery efficiency, vehicle performance, and integrating smart technologies. The company’s investment in research and development aims to produce next-generation EVs that meet the evolving needs of consumers and businesses alike.
🏭 Expansion and Infrastructure Development
To support the growing demand, Victory Electric Vehicles plans to expand its manufacturing capabilities and establish a robust charging infrastructure. This expansion will ensure the company can meet production targets and provide convenient charging solutions for its customers.
📈 Strategic Initiatives
Victory Electric Vehicles is actively pursuing strategic partnerships and collaborations to strengthen its market position. These initiatives include alliances with technology providers, government bodies, and other stakeholders to enhance product offerings and expand market reach.
🧭 Vision and Leadership
Vision
Victory Electric Vehicles International Limited envisions a world where sustainable and clean transportation is accessible to all. The company aims to be a global leader in electric mobility by driving innovation, reducing environmental impact, and transforming how people and goods move in urban and rural landscapes. Its vision is centered on creating smart, efficient, and affordable electric vehicles that contribute to a greener planet and improved quality of life.
Leadership
Victory Electric Vehicles International Limited is steered by a dynamic team of experienced professionals who bring deep industry knowledge, technical expertise, and strategic foresight. The leadership team is committed to fostering a culture of innovation, integrity, and customer-centricity. Their focus on sustainable growth, operational excellence, and stakeholder value positions the company to navigate the evolving electric vehicle landscape successfully.
- Chief Executive Officer (CEO) – Drives overall strategy, business growth, and market expansion.
- Chief Technology Officer (CTO) – Leads innovation, R&D, and product development initiatives.
- Chief Financial Officer (CFO) – Oversees financial planning, risk management, and investor relations.
- Head of Operations – Manages manufacturing, supply chain, and quality assurance.
- Sales and Marketing Director – Directs customer engagement, brand positioning, and distribution channels.
Together, the leadership team aligns the company’s goals with emerging industry trends, regulatory frameworks, and customer expectations, ensuring long-term success and sustainability.
Market Positioning and Growth Prospects
Victory Electric Vehicles International Limited has established itself as a prominent player in India’s electric vehicle (EV) sector. Headquartered in Bahadurgarh, Haryana, the company specializes in manufacturing a diverse range of electric vehicles, including e-rickshaws, electric scooters, and customized electric three-wheelers. With a strong presence across various regions, Victory EV caters to both urban and rural markets, offering eco-friendly transportation solutions that align with the growing demand for sustainable mobility options.
The company’s product portfolio is designed to meet the needs of different customer segments, from daily commuters to commercial fleet operators. By focusing on affordability, reliability, and innovation, Victory EV has positioned itself as a competitive alternative to traditional internal combustion engine vehicles.
Growth Prospects
Victory Electric Vehicles International Limited is well-positioned to capitalize on the expanding electric vehicle market in India. The Indian EV market is experiencing significant growth, with projections indicating a substantial increase in sales over the coming years. In India, the EV market is expected to reach USD 113.99 billion by 2029, growing at a compound annual growth rate (CAGR) of 66.52% from 2022 to 2029. This growth is fueled by rising fuel prices, environmental concerns, and supportive government initiatives.
Victory EV’s strategic initiatives, such as expanding its dealer network across key regions, including Delhi, Maharashtra, Uttar Pradesh, and Tamil Nadu, enhance its accessibility and support for its growing customer base. Additionally, the company’s focus on innovation and technology, coupled with favorable government policies, positions it for sustained growth in the competitive EV market.
