Okaya Set to Clock Rs 1,150 Cr Revenue in FY 18-19

The company has achieved it’s turnover of Rs 720 crore in FY 17-18 and further aims to clock Rs 1,150 crore revenue in FY 18-19.

One of the leading power back-up companies, Okaya Power, which recently announced its ambitious foray in Lithium ion batteries segment, has set an ambitious target to grab majority of market share in Lithium ion batteries.

The company has achieved it’s turnover of Rs 720 crore in FY 17-18 and further aims to clock Rs 1,150 crore revenue in FY 18-19.

Moreover, Okaya aims to achieve Rs 150 crore from a nascent market of Rs 450 crore in the lithium segment within its first 9 months of operation.

It eyes over 100 percent growth every year till 2022. The market is expected to be Rs 1.90 lakh crore for lithium batteries by 2030 in India.

The company with its customised solutions for Lithium ion battery requirements enjoys dominant market share in solar power projects, 2-wheelers, E-rickshaw and UPS segment already.

For four wheelers, it is looking forward to join hands with a couple of OEMs.

Commenting on the development, Okaya, Director, Anshul Gupta said, “With Lithium ion batteries, Okaya has set in motion another big revolution in power storage solutions market. Thanks to the government’s recent initiatives, Lithium based batteries will be exponentially growing in India. In sync with Niti Aayog’s target for 2030, the share of Lithium batteries will be as much as 9 times more than regular lead acid batteries.”

He added, “In Lithium ion batteries, we have trimmed down the traditional battery size, putting more power in a much smaller space. With a higher cycle life and better performance factor, these light weight batteries can outperform regular lead acid battery. Our focus is on safety and performance. We have developed our own battery management systems for various applications, keeping safety as our priority.”