Faridabad-based Omega Seiki Mobility (OSM) is seeking to raise around ₹125 crore through a pre-IPO funding round, according to reports from The Hindu BusinessLine. The company is targeting an IPO by the end of the next financial year, while the current funding round is expected to be completed by the end of this quarter. OSM, maker of the Rage+ cargo electric three-wheeler and Stream City passenger electric three-wheeler, is being valued at around $175-225 million by investment bankers based on its projected revenue growth and prevailing valuation multiples for electric mobility companies.
The proposed fund raise will finance expansion across the company's electric two-, three- and four-wheeler businesses, strengthen manufacturing capacity, expand exports and support research and development, particularly for its larger electric truck platform. As reported by The Hindu BusinessLine, a significant part of the proceeds is expected to be deployed towards expanding OSM's passenger electric three-wheeler business, which Chairman and Founder Uday Narang described as the company's "bread and butter." The company currently sells around 600-700 electric three-wheelers a month and believes volumes could double or even triple as it expands production, strengthens distribution and improves working capital.
According to reports from The Hindu BusinessLine, OSM closed FY26 with revenue of around ₹330 crore and expects to cross ₹450 crore in FY27. The company has already achieved EBITDA profitability and expects to turn cash-flow positive during the current financial year. Unlike many EV startups that relied on successive venture capital funding rounds, OSM has largely financed its growth through promoter capital, with Japan's Exedy Corporation remaining its only strategic investor.
As reported by The Hindu BusinessLine, OSM's fundraising comes as India's commercial EV industry enters a more selective funding environment following the initial startup boom. Several independent EV startups have struggled to secure fresh capital, with Altigreen halting manufacturing after a proposed investment by Hero MotoCorp failed to materialise. Against this backdrop, OSM is among the few independent commercial EV manufacturers pursuing both a fresh capital raise and a potential public listing, reflecting growing investor interest in profitable, manufacturing-led electric mobility companies with established products and operating businesses. The company's timing aligns with the broader trend of direct listings gaining traction globally, as evidenced by recent developments in GIFT City.
