Energetica India Magazine March 2022

Q Shed some light on your educational background, achievements, and ex- periences across sectors, along with oth- er founders if any. Mayank Jain: Crayon Motors was found- ed in 2020. In less than two years, my brother (Co-founder) Rahul Jain and I have transformed the company into one of India’s most promising & fast - est-growing EV companies. I had the opportunity to pursue an MBA from the elite IE Business School in Spain after completing my Bachelor of Business Studies at the prestigious Shaheed Sukhdev College of Business Studies, University of Delhi. Howev - er, I postponed it to realize my father’s ambition of electric mobility. My career has taken me from co-founding Dirty Laundry, an eclectic innerwear brand, to Director at U.P Telelinks Limited, a leading cable and e-rickshaw manufac- turer. Q In your view, what are the main reasons behind the higher prices of EVs, and how it can be brought down? Mayank Jain: The fundamental reason for the higher prices of EVs can be linked to a large dependency on imports. In India, EV technology is also in its early stages. Countries like China and Taiwan are far ahead in infrastructure and EV adoption. Economies of scale are not yet present, although they are steadily developing. This improvement will aid in the development of an EV-friendly culture. Another consideration is that cells account for a significant portion of the cost. This can be reduced so that we achieve economies of scale. FAME – II is a step towards faster adoption and de- velopment of such infrastructure. Given the present geopolitical situation, which will continue to be vulnerable to price volatility and variances. Current technologies, particularly those based on lithium, will continue to rely on im- energetica INDIA- Mar_2022 35 STARTUP INTERVIEW ports. As a result, innovative technolo- gies with less reliance on imports will be necessary. Q In the initial phase, did you face any challenges being a start-up entre- preneur? Mayank Jain: Well, setting up a business and facing challenges go hand in hand. The last 2 years have been tough, but I suppose that applies to everyone, not just me. Lock-downs and uncertainty wreaked the most havoc on the trans- portation industry. This had an im- pact on our planning, projections, and growth. At these times, one may reflect, build, and grow as a firm and as an in - dividual. Q What are your views on government support for the start-up ecosystem in the country? Any suggestions? Mayank Jain: This government has been particularly supportive of the SME and MSME Community. I believe that start- ups will drive the country’s next wave of growth. On the Government’s part, several changes have been implemented to assist in the growth of these start- ups, such as tax advantages, relaxations in other labour standards, and so on. More can be done, given the current sit- uation and the air of uncertainty. A few changes that include - reduced interest rates, easier access to finance/funds, low - er land prices, government tenders with sole sourcing from start-ups can make a difference in the smooth functioning of SME and MSME communities. Q In your view, what are the key chal- lenges in the EV ecosystem in India? Mayank Jain: The EV ecosystem is both a challenge and an opportunity. The support from original equipment man- ufacturers (OEMs) for important com- ponents has just recently begun. The mobility/ICE industry has historically been controlled by a small number of OEMs. It’s always been a closed system. With their financial resources, years of expertise, and brand value, these in- dustry stalwarts provide a challenge moving ahead. This will be difficult for a company that wants to not just be a member of the supply chain but also a player. We have a strategy in place and are putting it into action. In terms of opportunities, the market is ripe for collaborations and alliances. To create a full and resilient eco-system, start-ups must collaborate, assist one another, to build a complete and robust eco-system. Q Kindly share details about Crayon’s investment and funding? Any new plans? Mayank Jain: We are a bootstrapped start-up. We are bullish on EV and have not yet raised any outside money. We have shown proof of concept and have been working on our technologi- cal prowess. VCs and fund houses have expressed interest, and we are in talks with them. We intend to raise funds in the second half of fiscal year 22-23. Q Currently, in which cities customers can buy Crayon Electric Scooters? What are expansion plans? Mayank Jain: We have approximate- ly 100+ sales points across India. As a company, we are focused on extend- ing our portfolio in Tier 2 and 3 cities, where we have seen strong momentum. Our two-wheelers are also available in cities like Delhi, Bangalore, Hyderabad, Jaipur, Agra, and Jodhpur, among other places. Our goal for the coming year in- volves tripling our sales and service cen- tres and adding four high-speed models to our line-up.