Motoroyale, Kinetic group's a venture of multi-brand superbikes, Thursday unveiled seven new superbikes besides partnering with three new brands. The company also said it is looking to raise Rs 75-80 crore for working capital, expansion needs.
The firm, which already has a tie-up with Italian superbike makers MV Augusta and British firm Norton said it would expand its dealership network to seven, from one at present, over the next by November as it seeks to enhance its presence in the domestic market. "Today we are unveiling the entire strategy announcing a tie-up with five brands (including the two existing ones), launching seven new motorcycles in nine new categories," Ajinkya Firodia, managing director, Motoroyale, told PTI.
The three new brands are Hyosung, SWM and FB Mondial, he said, adding the launch of new bikes will be followed by setting up of six new dealerships in Mumbai, Hyderabad, Chennai, Delhi, Kochi and Bangalore. The company at present has only one dealership, which is in Pune. The new launches include 37 units of limited editions of 1000 cc Commando and Dominator superbikes from Norton, which are exclusively for India, he said.
The company has sold 237 bikes so far with its two existing tie-ups, but with three more partners coming in, it expects to sell 2,500 bikes in the next one year, according to Firodia. The country's superbike market is pegged at 10,000 units, growing at 15-20 per cent annually, he said, adding the target of 2,500 units could help Motoroyale corner almost one-fourth of the market pie.
"The idea behind Motoroyale was to start a multi-brand superbike venture. If you see our product portfolio today, we have tourers (on road-offroad), hipsters, cruisers, sports and naked sports bikes, in 250-1000 cc range, at the price points of Rs 3.37-40 lakh," he said.
These bikes are imported as completely knocked down (CKD) units except MV Augusta's Brutale 800 RR, which comes as a semi-knocked down unit. The company's assembly facility in Aurangabad with a capacity to produce 30,000 bikes per annum, is more than sufficient for phase one, he said, adding, "We are setting up another facility at Supa near Aurangabad at an investment of Rs 25 crore, which would have an annual capacity of 80,000 units."
"We are talking to some private equity players to raise Rs 75-80 crore and we have got interested from a couple of them. As we expand, we will be needing money both for working capital as well as for other activities," he said.
(With inputs from agencies.)