Uday Narang, who is creating a leading Indian electric vehicle manufacturing with no outside funding

Look at the car that delivers your next e-commerce order; chances are good that it is an electric vehicle. A two-wheeler might be used to transport smaller products, although electric three-wheelers are more commonly used for slightly larger packages. There are just three brands of these electric three-wheelers that can carry freight if you reside in the Delhi-NCR. There are Mahindra and Piaggio, of course, but there is also a third company called “OSM,” which stands for Omega Seiki Mobility. This modest Delhi-based startup is actively pursuing the EV future in India and abroad, with a focus on cargo carriers.

You’ve probably heard of Bhavish Aggarwal, the creator of Ola, a former cab aggregator that is now also a provider of electric scooters, unless you’ve been living under a rock. Tarun Mehta, the creator of Ather Energy, a maker of electric scooters, is probably also a name you are familiar with if you follow electric cars and the startup ecosystem. However, it is unlikely that you are familiar with Uday Narang, the chairman of OSM and the Anglian Omega Group. That may be due to the former student’s advanced age of 53 from St. Columba’s in New Delhi.

Not quite old enough to be a start-up founder with grand ambitions.

But make no mistake—Narang is not some seth ji working from an air-conditioned office, and he is not—unlike far too many other “start-ups” in the electric mobility sector—importing container loads of Chinese goods and assembling them in India in order to benefit from subsidies and pocket the money. Narang, a former Wall Street investment banker, returned to manage the medium-sized steel company owned by his family but soon realised there was a potential to get involved in the electric transportation market. He acknowledges that the money was certainly alluring, but adds, “But I wanted to expand capacity in India, and produce items here.”

Narang has been mindful of staying away from the China trap. He told me in his office in Delhi’s Jasola business sector, “We already have a large trade deficit with China because to massive imports of electronics, we cannot allow our mobility industry to also be tied to China.” He has tied up with Korean EV manufacturer Jae Sung Tech. In order to compete on the Indian and international markets, he also set up manufacturing facilities in Thailand. Since then, he has been quietly refining his products there.

Complete solutions
Narang is placing a lot of money on one-ton and three-ton electric four-wheelers even though the company has only sold about 5,000 cars overall, mostly three-wheelers.

If we want to leave our children a city that they can breathe in, given the severe air pollution in places like Delhi, we must switch to zero-emission automobiles. Commercial vehicles will also take the lead in this, as you can already see with last-mile delivery and taxis. However, we are collaborating with Porter, a delivery services company, to sell thousands of our three- and four-wheelers, the man stated. His huge wager is a medium-commercial vehicle with a three-ton capacity known as the “M1KA” (his son’s name is Mika). There will also be a truck with a one-ton capacity.

“Look at e-commerce companies serving Delhi-NCR; their primary warehouses are situated in locations such as Manesar and Sonipat; these electric trucks can bring goods from the primary hubs to distribution points in locations such as Okhla, from where the electric three-wheelers can travel the last mile,” he said.

He is already selling them from his Korean and Thai factories to other countries, and that vehicle is being locally adapted for India.

“We are the first EV truck manufacturer to receive certification in the UAE. At some point, we want to extend the concept of “Make in India” to other nations, like Africa, says Narang. OSM recently unveiled a three-wheeled electric passenger vehicle that, incidentally, he thinks can be readily shipped to African countries, where the Bajaj auto rickshaw now reigns supreme and is used in upcountry Indian communities. “This is not like the electric three-wheelers that you see on the streets, these are not dinky toys,” he asserts forcefully.

Becoming a member of the EV big boys
Can Narang succeed? Narang is particularly proud of the fact that, in contrast to many of his friends, he has not raised money despite having a product.

He claims, “Unlike some others, I want to have my products and services in place before I solicit money,” but over here, he is already running the gauntlet. Many of the bigger, more established corporations in the automobile industry still haven’t really figured out how to compete in the electronic vehicle market. While Mahindra and Piaggio produce electric three-wheelers for both cargo and passengers, Bajaj has not yet begun.

Similar to Ashok Leyland, Tata Motors, which dominates electric passenger vehicles in India, has lagged behind in developing electric commercial vehicles. However, both Tata Motors and Ashok Leyland are currently focused on developing electric buses.

While Narang has noble intentions, one industry expert who wished to remain unnamed noted that in order for him to compete with the big boys, he will need to raise money.

“Watch what happens to the market for electric two-wheelers when Bajaj and Hero unleash their resources and influence. 90% of the electric two-wheeler businesses you hear about today won’t last.

Narang thinks he’ll do it. Although he acknowledges that he may eventually need to raise capital, he has been making investments in other start-ups in the electric industry.

For instance, organisations like Log9 Materials, a nanotechnology business based in Bengaluru that is creating solutions to enable quick battery charging. “I don’t want to become some also-ran, therefore investing in such technology would assist OSM in the long run.”

Narang hustles like people half his age, constantly on the go and attempting to complete a sale. It remains to be seen if he would be successful in creating an Indian manufacturing powerhouse. However, it won’t be for a lack of trying.

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