Faridabad-based electric vehicle maker Omega Seiki Mobility is targeting a ₹125 crore pre-IPO funding round to boost production and R&D. The company, which reported FY26 revenue of approximately ₹330 crore, aims to list on the stock exchange by the end of the next financial year while facing competition from established automotive giants.
Omega Seiki Mobility (OSM) is preparing for a public listing by the end of the next financial year as part of a broader strategy to scale its electric vehicle (EV) operations. To support this growth, the company is initiating a pre-IPO funding round aiming to raise around ₹125 crore, which management expects to finalize by the end of the current quarter.
Scaling Operations and Financial Targets
The company, known for its Rage+ cargo and Stream City passenger three-wheelers, has already deployed about ₹250 crore into manufacturing facilities located in the Delhi-NCR region and Pune. With a goal to grow its business, OSM reported revenue of approximately ₹330 crore for FY26 and projects an increase to over ₹450 crore in FY27. Chairman Uday Narang noted that the company has already reached EBITDA profitability—a measure of operating performance before interest, taxes, and other expenses—and expects to generate positive cash flow within the current financial year.
The fresh capital is earmarked for several growth areas, including the expansion of manufacturing capacity and the development of new products. A key focus is the company's electric truck platform, though large-scale production for its one-tonne model remains dependent on market conditions. Currently, the company sells between 600 and 700 electric three-wheelers per month, a figure it aims to scale significantly by strengthening its dealer network and improving working capital management.
Competitive Position and Industry Context
OSM’s push for capital comes at a time when the Indian commercial EV sector is seeing increased scrutiny from investors. While many startups in the space have relied heavily on venture capital, OSM has primarily utilized promoter funding and support from its strategic investor, Japan’s Exedy Corporation. This independent model is being tested against established players like Bajaj Auto, Mahindra Last Mile Mobility, and TVS Motor, which have utilized their existing distribution networks and scale to secure significant market share in the electric three-wheeler segment.
For investors, the primary monitorables will be the company’s ability to successfully close the funding round and execute its production targets. While the company has reached operational profitability, the electric vehicle market remains highly competitive, with established incumbents often possessing superior pricing power and supply chain advantages. The future performance of OSM will depend on its ability to maintain profit margins while scaling, as well as its success in transitioning from a niche player to a larger-scale manufacturer before its intended market debut.