More than ₹3,500 crore of investment, roughly four lakh units of annual manufacturing capacity and hundreds of retail touchpoints are riding on an Indian electric motorcycle market where the four manufacturers collectively registered fewer than 24,000 vehicles during January-September.
The money has come from a diverse set of heavyweight backers. Ultraviolette has attracted more than ₹1,500 crore, with investors including TVS Motor, Qualcomm Ventures, Zoho Corporation, Exor and TDK Ventures. Matter has raised around ₹1,000 crore from investors including Capital 2B, Helena Special Investments and overseas funds.
Despite strong investor backing, Ahmedabad-based Matter registered just 751 motorcycles during January-September, averaging barely 83 units a month. Roughly ₹650-800 crore has been invested in Revolt, now wholly owned by RattanIndia Enterprises, while Oben has raised about ₹300-320 crore from venture, angel and debt investors, including Stride Ventures.
That puts roughly ₹3,500-3,600 crore behind a market whose volumes remain modest. Combined registrations for the four manufacturers rose from 2,020 units in January to 3,681 units in September, an increase of 82.2 per cent. Even at September’s pace, annual sales would be about 44,000 motorcycles, well below the sector’s installed capacity of around four lakh units.
Manufacturing ambitions continue to outpace demand. Revolt has an annual production capacity of about 1.8 lakh units at its Manesar facility, Oben can produce one lakh units annually in Bengaluru, while Matter and Ultraviolette have capacities of about 60,000 units each.
Oben’s Bengaluru facility alone can manufacture one lakh motorcycles a year, although the company only recently rolled out its 10,000th electric motorcycle.
Expansion plans could eventually raise the combined capacity of the four manufacturers to around 7.7 lakh units, including Ultraviolette’s proposed 2.5-lakh-unit plant in Hosur and planned additions by Revolt and Matter.
“Becoming India’s No. 1-selling electric motorcycle brand is a significant milestone for Oben and a strong validation of the trust our customers are placing in us and in Rorr Evo,” said Madhumita Agrawal, Founder and CEO of Oben Electric.
“The response to Rorr Evo has been extremely encouraging because it shows riders are willing to embrace electric mobility when they find a motorcycle that meets their expectations,” she added.
Oben now has more than 150 showrooms and service centres across over 90 cities in 18 states. Revolt operates more than 200 dealerships, while Ultraviolette has adopted a smaller, premium experience-centre model.
Electric motorcycles still account for only a small share of India’s vast two-wheeler market. But the stakes are rising. Thousands of crores of capital, factories capable of producing several lakh motorcycles annually, and expanding retail networks are all positioned for demand to scale up.
“India is the world’s largest motorcycle market, and the transition to electric mobility cannot truly reach scale without electric motorcycles playing a central role,” Madhumita said. Adding that while the segment remains nascent, she sees considerable potential, as lower running costs and sporty form factors attract buyers who may not be drawn to electric scooters.
September’s numbers do not settle the debate over how quickly that demand will emerge. They do, however, offer an early indication that after years of investment running ahead of sales, India’s electric motorcycle market may finally be beginning to gain traction.
Published on October 2, 2026
