Bengaluru-based e-bike startup Toutche has announced its growth plans in the UK and EU regions.
Toutche has named its UK entity in London as the international headquarters in a bid to expand its overseas business and global presence. The company said that its entity in London will be strategic to its global plans, supply chain operations and build a new operating framework for international markets. The company aims to establish further its global foothold in the lucrative e-bike market that is growing exponentially.
Raghu Kerakatty, CEO, Toutche said: “The demand for e-bikes has surged after Covid-19. The pandemic is accelerating the need for individual mobility solutions worldwide. Apart from the increasing consumer preference towards recreational and fitness activities, the adoption of e-bikes has become more mainstream. European regions are seeing unprecedented demand, and we see a wider market opening up for e-bikes globally.
"E-bike sales are expected to reach an estimated 30 million in Europe by 2030 growing at a CAGR of 26 per cent between 2024 and 2030. With Europe as our target market, Toutche will be the first to enter Europe with its own brand, and Made in India e-bikes. We have set our sights in capturing a greater pie of this fast-growing e-bike segment with a goal of being one of the top 10 e-bike brands globally by 2026,” he further added.
The company, in the past, had launched its Heileo range of e-bikes and recently announced its plan to expand its Heileo stable in India. Toutche aims to sell over 75,000 e-bikes by 2024 in India with the new launches and upcoming plans.
Published 04 August 2021, 12:03 IST