With Product Diversification, Servotech Eyes Increased Exports

With Product Diversification, Servotech Eyes Increased Exports

Indian cleantech company Servotech with its new diversified product range is now aiming for new heights. The firm, which enjoys a good market share in offering Eletric Vehicle (EV) chargers now aims to increase exports.

The aim of an increased market share in EV charging exports emanates from its latest experiences. The firm has now planned to venture into new offshore markets to boost its presence. The top management of the company said that last year the firm was able to garner a revenue of Rs 40 crore.

The target of 50 countries 

“Last year, the exports were around INR 40 crore; I’m not stating the exact figure, but it’s approximately that amount. However, the exports are based on sampling, meaning they are not regular supplies. Trials are currently ongoing in various countries, and in the current year, I believe we’ve exported about INR 10 crore in H1, also based on sampling. Our target is to cater to 40 to 50 countries. The sampling contributes around 12-15% to last year’s revenue, so you can imagine the potential for significant orders in the future,” Raman Bhatia, Founder and MD of Servotech told investors in its latest investors’ call. 

The company is now making around 1,000 units of DC fast chargers every month. It has also planned to open a new manufacturing facility before January 2025 tentatively. The company now enjoys around 35%-40% of the market share in EV charging solutions with a presence in several states.

Diversified portfolio & Expansion

The company has now planned to foray full-fledged into the solar market. The top management of the firm said that it now wants to create a similar vertical akin to what they have done with its EV charging portfolio.

The company recently launched micro-inverters and hybrid inverters at an event in New Delhi. Bhatia claimed that its ‘micro-inverter’ could be a revolutionary product in the country in terms of the solutions it offers and the lucrative prices.

Low-cost micro-inverters

Bhatia in the event said that these ‘micro inverters’, which are sold at a premium price in foreign countries will be offered at a lower price by Servotech to boost the mass adoption of these solutions.

“This is a revolutionary production and Servotech plans to make it highly affordable for the Indian masses. First, this allows maximum output as a whole for the whole system in case a portion of the solar system does not function properly due to shadow, dust or malfunctioning. Secondly, it allows a plug and play kind of solution which can help in faster installations with least technical requirements. This can reduce the cost on expensive inverters and make the whole system faster,” he said.

Servotech, however, will need to get some clarity from the MNRE on the applicability of these solar micro inverters for government-supported schemes like PM Surya Ghar.