Bengaluru-based electric vehicle (EV) company Toutche Electric is planning to invest around USD 15 million over the next two-three years to ramp up the manufacturing capacity of electric bikes.

The company’s planned investments would be in new manufacturing facility, product development, expanded design and engineering and technology teams. The firm is in talks with investors in the UK and India.

The capital investment so far has been predominantly channelled into product development, technology platform development and inventory.

The company started operations in 2015 and is into the business of manufacturing electric bicycles. It has a manufacturing plant in Mysuru and the R&D department operates from Bengaluru.

The company is moving into upgrading its facility where it will be able to increase up to 2,000 units a month, taking the manufacturing capacity to 25,000 units a year, and most probably scalable up to 40,000 units by 2022.

The volume which the company is looking at as manufacturing capacity goes beyond 1.5 lakh units a year.