Question 1: What is the overview of the company?

Victory Electric Vehicles International Ltd operates in the electric mobility and green transportation space, with its core business centered around the design, manufacturing, and distribution of electric vehicles (EVs). The company primarily focuses on the mass-market segment, offering products such as electric rickshaws, two-wheelers, and utility vehicles that cater to both urban commuters and rural users. Victory follows a product-centric, in-house manufacturing model, which allows it to maintain control over product quality, customization, and production timelines. Its manufacturing facilities are capable of producing a diverse range of vehicles including passenger e-rickshaws, cargo carriers, electric school vans, garbage collection autos, and electric scooters.

The company serves a wide target market, with a strong presence in India—especially in Tier 2 and Tier 3 cities where affordable transport solutions are in demand. It also exports its vehicles to neighboring countries such as Nepal, Sri Lanka, and the Maldives. Victory leverages a well-structured dealer-distributor network and strategic partnerships to expand its reach in both domestic and international markets.

A key differentiator in Victory’s business model is its emphasis on sustainability. The company offers eco-friendly and solar-powered vehicle variants that meet the rising demand for low-emission urban mobility and cost-effective last-mile delivery solutions, in alignment with government-backed clean energy initiatives. Another pillar of its business strategy is robust after-sales service. Victory ensures easily accessible service centers, spare parts availability, and technical support for batteries and motors—building trust among cost-conscious consumers and encouraging long-term customer relationships.

Furthermore, the company is steadily moving toward vertical integration by sourcing or assembling critical components like motors, controllers, and lithium/lead-acid battery packs. This approach not only helps in reducing costs but also boosts product innovation and allows for quicker updates in design and features. In addition to individual customers, Victory also focuses on B2B and institutional sales, supplying electric garbage collection vehicles to municipalities, electric vans to educational institutions, and cargo carriers to small businesses. This dual-market approach adds stability and growth potential to its overall business model.

Product Portfolio:

L3 Electric Vehicle: They have a maximum speed of upto 25kmph and a motor power of 1200 watt or less

L5. Electric Vehicle: They have a maximum speed up to 55 kmph vehicle and a motor power of 3000 Watt or less.

Electric Scooty: They have maximum speed of 25 kmph.

Product wise Revenue Bifurcation:

Geography wise Revenue Breakup:

Revenue bifurcation as per Business Model:

Capacity and Capacity Utilization:

Question 2: Who are the promoter of the Company?

Victory Electric Vehicles International Ltd is led by a trio of promoters: Mr. Sanjay Kumar Popli, Ms. Seema, and Ms. Palak Poply, each playing a pivotal role in steering the company’s vision and operations.

Mr. Sanjay Kumar Popli serves as the Managing Director, bringing extensive experience in operations and strategic planning to the forefront. His leadership has been instrumental in establishing the company’s footprint in the electric vehicle sector, focusing on innovation and sustainable mobility solutions.

Ms. Seema, a co-promoter and director, contributes significantly to the company’s administrative and organizational functions. Her role ensures that the company’s internal processes align with its strategic objectives, maintaining operational efficiency and compliance.

Ms. Palak Poply, also a co-promoter and director, holds an MBA in Marketing & Data Analysis. Her expertise in lithium battery technology and operations management positions her as a key figure in driving the company’s technological advancements and market strategies. Her leadership is particularly focused on integrating cutting-edge battery solutions and enhancing the company’s product offerings to meet evolving market demands.

Together, this leadership team combines strategic vision, operational expertise, and technological innovation to propel Victory Electric Vehicles International Ltd forward in the competitive electric vehicle industry

Question 3: How company performed in the past?

Question 4: How much money is the company raising and why?

In the IPO, the company is offering 56.47 Lakh shares, priced at INR 72 per share, aggregating to total of INR 40.66 Cr, with a lot size of 1600 shares. For the purpose of:

Capital Expenditure towards installation of optical CNC Machine, Conveyorized liquid Painting Plant (1.5 MT/min) with Dip Type PT Line and Supply & Erection of Steel Structure, PEB Building – INR 5 Cr.

To meet working capital requirements – INR 22 Cr

General Corporate Expenses – INR 7.54 Cr.

Question 5: Valuation of the company and comparison with other companies

Question 6. Summary of outstanding Litigations

Criminal and Tax Proceedings against the company:

Ongoing litigation involving Promoter: Mr. Sanjay Kumar Popli, Promoter and Managing Director, was involved in a car accident near his residence that led to the victim’s death in this hosiptal. The victim’s familyfiled a criminal case against him under IPC Sections 279 and 304A at Tis Hazari Court, New Delhi. He was arrested on March 28, 2018 and released on bail on the same date. The case is currently at the prosecution evidence stage, with the next hearing scheduled for june 9, 2025.

Strengths:

1. Diverse Product Portfolio: The company offers a wide range of electric vehicles, including e-rickshaws, loaders, school vans, and scooters. This diversity allows it to cater to various market segments and customer needs.
2. In-House Manufacturing Capabilities: Victory Electric Vehicles manufactures lithium-ion batteries internally, enhancing product integration and potentially improving quality control and cost efficiency.
3. Established Dealer Network: With a presence in 12 Indian states, the company has built a robust dealer-distributor network, facilitating widespread distribution and customer reach.
4. Customization for Niche Markets: The company offers customized electric three-wheelers for specific applications, such as food and ice cream vending, demonstrating flexibility and responsiveness to unique market demands.
5. Experienced Leadership: Led by a team with deep industry expertise, the company’s management has been instrumental in driving growth and navigating market challenges.

Weaknesses:

1. Revenue Concentration: A significant portion of the company’s revenue is derived from a limited number of clients and specific industries. This concentration poses a risk; the loss of key clients or downturns in these industries could adversely affect financial performance.
2. Supply Chain Vulnerabilities: Reliance on third-party logistics without formal contracts and potential disruptions in the supply chain can impact manufacturing processes, timeliness, and material availability, thereby affecting profitability.
3. Operational Risks: The company’s premises are on short-term leases from the promoter group, which may lead to operational uncertainties and potential disruptions in the future.
4. Market Competition: The EV market is highly competitive, with numerous players vying for market share. Victory Electric Vehicles must continuously innovate and adapt to maintain and grow its position in this dynamic environment.

Registered Office:
Victory Electric Vehicles International Ltd
Plot No. 6, Second Floor, Block A-5,
Maa Bhagwati Apartment, Paschim Vihar,
New Delhi – 110063, India

Manufacturing Facility:
Victory Electric Vehicles International Ltd
Khasra No. 147/12/2, 147/19/2, 147/10/1,
Village Rohad, Rohad,
District Jhajjar, Haryana – 124501, India

Registrar Details:

• Company Name: Maashitla Securities Pvt. Ltd.
• Address: 451, Krishna Apra Business Square, Netaji Subhash Place, Pitampura, Delhi – 110034
• Phone: +91-11-45121795
• Email: investor.ipo@maashitla.com
• Website: www.maashitla.com

FAQs – Victory Electric Vehicles International Ltd

1. What does Victory Electric Vehicles International Ltd do?

Victory Electric Vehicles International Ltd is engaged in the design, manufacturing, and distribution of electric vehicles (EVs), including e-rickshaws, electric scooters, loaders, and utility vans. The company focuses on providing sustainable and affordable green mobility solutions.

2. Where is the company based?

• Registered Office: Paschim Vihar, New Delhi – 110063, India
• Manufacturing Facility: Rohad Village, Jhajjar, Haryana – 124501, India

3. What markets does Victory Electric Vehicles serve?

The company primarily serves Tier 2 and Tier 3 cities in India and also exports to countries like Nepal, Sri Lanka, and the Maldives.

4. Does the company manufacture its own batteries?

Yes, the company manufactures lithium-ion batteries in-house, which helps control quality and improve cost efficiency.

5. What makes Victory’s products different from competitors?

Victory offers solar-powered and customized EV models, such as electric food vans, ice cream vending carts, and garbage collection autos. It also emphasizes after-sales service and a vertically integrated supply chain.

6. Who are the promoters of the company?

The promoters are Mr. Sanjay Kumar Popli, Ms. Seema, and Ms. Palak Poply. They bring a mix of operational, administrative, and technical expertise to the company.

7. Does the company have a dealer network?

Yes, Victory Electric Vehicles has an established dealer-distributor network across 12 Indian states and international territories.

8. What are the strengths of the company?

Key strengths include product diversity, in-house battery manufacturing, strong leadership, and a growing presence in underserved markets.

9. What kind of customers does the company cater to?

The company serves individual customers, small businesses, municipal corporations, and educational institutions needing eco-friendly transportation solutions.

10. How can I contact the company or its registrar?

You can reach the company via its website: www.victoryerickshaw.com
Registrar: Maashitla Securities Pvt. Ltd.
Email: investor.ipo@maashitla.com