I agree on little to no growth. Only reason for me to track this is two positive triggers which have happened in last few months/year –

1. Their buying of KurlOn
2. Their stake in Furlenco

With such a massive data base and last mile delivery in place, what will stop Zomato to venture into adjacencies such as Dhobies, medicines and lot others? They can expand the addressable market where more than one player can survive and prosper.

All the players in EV Scooter market are more knowledgeable than you and me. Before putting their money in a EV 2 wheeler project , they must have done their homework.

No project/ investment gives you return overnight, though break even point may be different for different projects depending upon several factors such as project size , scale , capex , Technology capability/ R&D and human talents, Govt policy etc.

The point is Energy transition is taking place world over to reduce carbon foot print , climate change/ Global warming, sustainability and India is no exception. In fact India has another big challenge of importing 85% of energy requirement as crude petroleum through forex spends and the price is highly volatile.
(it is No brainer that petrol diesel are highly carbon intensive 8-16 times than natural Gas for reference)

To counter the issues as mentioned above, EV transition is taking place all across the Globe and the is irreversible. EV is here to stay and is going to increase gradually and steadily for at least next 10-15 years until Green hydrogen takes over gradually to fuel Automobiles which is considered ultimate Green fuel of the future.

So , the entrepreneurs have understood this and foresee a huge opportunity in EV 2 wheelers where the penetration is too low…at 9%.
However , too many players for sure may not survive. Only the fittest would survive with strong R&D capability, technology innovation to reduce cost, Can ramp up production very fast to take advantage of economy of scale , strong service network for after sales support.

For next 5 years , it is those 2 wheeler companies who have an energy mix of Petrol, CNG , EV scooter /motorcycle would make more volumes and win market share and would make good profit than the pure play EV 2 wheelers.