Tamil Nadu-based Boom Motors said it got 150,000 bookings–valued at more than Rs 1,500 crore–in four months for its EV bike Corbett: demand for the lesser-known brand marking the popularity of electric two-wheelers in India’s smaller cities and towns.
Demand was so high that the company stopped bookings and refunded some customers who are not within its service areas. “We are refunding money to those not within the visibility to deliver. Rather than booking for Rs 499, we are now going for only interest-based booking,” said Anirudh Narayanan, chief executive officer of Boom Motors. The company will make an additional investment of Rs 350 crore under the government’s PLI (production-linked incentive) scheme.
