Riches to Rags, Rags to Riches!

To win something big, we have to lose something. And the one who triumphs over this is the real hero. We have heard stories of people going from rags to riches and going from riches to rags. Some never get up, and some fight back. Here is a story of a Mr Dhivik Ashok and his father that started with a bang, fell off and then rose again with a great victory.

It all started with a discussion on the future of mobility in India. From that, it leads to the establishment of the electric scooter company GoGreenBOV. It was a million-dollar company founded by Mr.Dhivik Ashok. It was in the growth phase. But the realization that something is missing led to the downfall of the company. Later the duo came up with 16 patents and a bang indeed.

In 2009, Mr Dhivik Ashok and his father were engaged in fitting gas kits to cars. But then the idea of electric vehicles hit them hard. The average of ten kilometres per rupees via electric vehicle was super tempting and made then invest Rs. 24 lakh in the business. The duo outsourced the components for an electric car from China and assembled them in Bengaluru. The pilot was too good, and the sales were appreciable.

Image Courtesy: Go GreenBOV LinkedIn

Here is the turning point. The customers faced some issues in the bike. It was difficult for them to start sometime, and the vehicle would stall. The reason behind it was the quality of the battery and motor. GGBOV used lead-acid batteries in the electric car. The other option was the lithium battery. But the cost of lithium battery was around $700 per kWh. That of lead-acid batteries was about $190 kWh.

Fortunately, the sales were at the peak, and the firm had an order of 600 vehicles from one of the largest e-commerce companies. Dhivik was of the thought that the regime of lead-acid batteries was up. The entire structure of the car needs to be redesigned. The use of lithium-ion batteries will lead to a sustainable and durable vehicle. Due to this he cancelled the contract and pulled strings back. The duo thought to take charge of it, and GGBOV turned into a research and development company.

The employee strength dropped from 86 to 16, and the firm lost its business from the 96 dealers.

The decision to enter into the R&D stage proved to be useful for the duo. The life and operations of the battery were improved. The firm filed 16 patents. The firm was appreciated in the CES 2019, and it was the only Indian electric vehicle company. Today the firm has a manufacturing unit in Kolar and have the capacity to manufacture 10,000 vehicles a year.

GoGreenBOV is planning to change its business model. It is looking at a vehicle as a service where features like insurance, etc. will be included when the customer will lease it — our best wishes to the company.

Also Read: E-Trio – Transforming Conventional Cars into Electric Vehicles


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