ENTREPRENEURSHIP DEVELOPMENT CIA 1

Submitted by:
Devak Aggarwal (2323818)

Devansh Aggarwal (2323819)

Devansh Malani (2323820)

Likhit Khandelwal (2323836)

Submitted to: Dr. D Sandhya

What is an entrepreneurial ecosystem?

An entrepreneurial ecosystem can be defined as a blend of social, economic, cultural, and

political components coordinated in a way that enables productive entrepreneurship within a
particular territory or region. It is created to support the businesses and startups that are being
commenced. According to the Kauffman Foundation, “Entrepreneurial ecosystems drive local
economic vibrancy and national economic growth by building fertile environments for new
and growing companies to thrive.” The strength of an entrepreneurial ecosystem determines
its ability to support entrepreneurs. Countries can create conditions and infrastructure to
promote entrepreneurship among the youth and attract entrepreneurs to the country.

Which ecosystem is our area of focus?

The electric vehicle (EV) ecosystem in India is undergoing a transformative phase, driven by
a combination of government initiatives, rising consumer awareness, and the growing need
for sustainable energy solutions. Central to this ecosystem are the stakeholders involved in
the supply chain, manufacturing, distribution, and policy-making, who collectively work to
build a more sustainable mobility framework. Companies like AB Electric Power, which
import electric batteries and scooters, play a vital role in bridging the gap between
international technology and domestic demand.

The Indian government has been a strong advocate for the adoption of EVs, introducing
supportive policies like the Faster Adoption and Manufacturing of Hybrid and Electric
Vehicles in India (FAME India) scheme. These initiatives aim to provide financial
incentives for EV adoption, reduce the dependency on fossil fuels, and encourage innovation
within the sector. Subsidies for manufacturers and end-users, along with the establishment of
charging infrastructure, are shaping a conducive environment for EV growth.

However, the EV sector faces significant challenges, including competition from traditional
internal combustion engine vehicles, local manufacturers, and alternative energy solutions.
The competitive landscape is further influenced by pricing, consumer awareness, and
advancements in technology. Companies in this ecosystem must navigate these dynamics
while maintaining cost efficiency, ensuring quality sourcing, and staying compliant with
government regulations.
Logistics and distribution are critical to the success of the EV ecosystem. Efficient supply
chain management, often involving international trade, plays a pivotal role. Importers like AB
Electric Power face additional complexities such as tariffs, fluctuating trade relations, and the
impact of global events like COVID-19, which disrupted supply chains and slowed industry
growth. Despite these hurdles, many businesses have leveraged partnerships with reliable
suppliers and logistics providers to ensure continuity and scalability.

Networking and financial management are also integral to the ecosystem. Companies that
prioritize sound financial practices, such as cashless payment methods and thorough vetting
of dealers, can mitigate risks like bad debts. Additionally, networking through industry
connections and platforms like social media has enabled businesses to expand their reach and
foster collaborations, driving further innovation and market penetration.

Factors Influencing the EV Ecosystem in India

The electric vehicle (EV) ecosystem in India is shaped by several critical factors that
determine its growth, adoption, and sustainability. Among these, government policies, market
trends, and resource availability play pivotal roles in influencing the trajectory of the industry.

1. Government Policies

Government support is one of the most significant drivers of the EV ecosystem in India.
Policies like the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles
(FAME) scheme provide subsidies to manufacturers and end-users, making EVs more
affordable. Initiatives to establish charging infrastructure, tax incentives, and the phased
transition from internal combustion engines to electric mobility further encourage adoption.
Additionally, state-specific EV policies complement national efforts by offering localized
benefits such as reduced registration fees and incentives for setting up manufacturing units.
These policies create a supportive environment that accelerates industry growth while
aligning with India's larger goals of reducing carbon emissions and dependency on imported
oil.
2. Market Trends

Consumer behavior and market trends are crucial in shaping the EV ecosystem. With
increasing awareness of environmental issues, there is a growing preference for sustainable
and eco-friendly transportation options. The rising cost of conventional fuels has further
encouraged the shift towards EVs, making them an economically viable alternative in the
long run. Additionally, advancements in technology, such as improved battery efficiency and
extended vehicle range, are addressing key consumer concerns, enhancing the attractiveness
of EVs. However, competition from traditional vehicles, pricing sensitivity, and the slow pace
of EV adoption in rural areas present ongoing challenges that influence market dynamics.

3. Resource Availability

The availability and cost of resources significantly impact the scalability of the EV sector.
Key components like lithium-ion batteries rely on raw materials, including lithium, cobalt,
and nickel, which are largely imported. This dependency on international suppliers exposes
the industry to risks such as fluctuating trade relations, global supply chain disruptions, and
price volatility. On the other hand, India's emphasis on localizing manufacturing through
initiatives like Make in India aims to reduce reliance on imports and build a robust domestic
supply chain. Additionally, renewable energy sources like solar and wind power are being
integrated into charging infrastructure to ensure sustainable energy consumption, further
enhancing resource efficiency.

Key Players in the Ecosystem

The electric vehicle (EV) market in India is rapidly expanding, with several key players
contributing to its growth and development. Here are some of the prominent companies
leading the charge:

Tata Motors
A pioneer in the Indian EV market, Tata Motors offers electric
cars like the Nexon EV and Tigor EV. The company has secured a significant market share by
providing reliable and affordable electric vehicles.

Mahindra Electric
As a subsidiary of Mahindra & Mahindra, Mahindra Electric
focuses on electric mobility solutions, including electric cars and
three-wheelers. Their commitment to innovation has positioned
them as a key player in the EV sector.

Hero Electric
Specializing in electric two-wheelers, Hero Electric is one of
India's leading manufacturers of e-scooters and e-bikes, catering to
the growing demand for affordable urban mobility solutions.

Ather Energy
Known for its high-performance electric scooters, Ather Energy
has gained popularity among urban commuters seeking advanced
features and superior design.

Ola Electric
An offshoot of the ride-hailing giant Ola, Ola Electric has
entered the EV market with its range of electric scooters, aiming
to make electric mobility accessible to the masses.

TVS Motor Company

With the launch of its electric scooter, TVS iQube, TVS Motor
Company has marked its presence in the EV segment, focusing on performance and
sustainability.

Hyundai Motor India

Hyundai has introduced electric vehicles like the Kona Electric in the
Indian market, contributing to the premium EV segment and
expanding consumer choices.

MG Motor India
A subsidiary of SAIC Motor, MG Motor India offers electric
vehicles such as the MG ZS EV, focusing on technology and
customer experience.

Okinawa Autotech
This company specializes in electric two-wheelers, providing a
range of e-scooters designed for the Indian market, emphasizing
affordability and efficiency.

Greaves Electric Mobility

Formerly known as Ampere Vehicles, Greaves Electric Mobility
offers a variety of electric scooters and e-rickshaws, aiming to
provide sustainable and economical mobility solutions.

These companies are instrumental in driving the adoption of electric vehicles in India, each
contributing through innovation, manufacturing, and expanding the EV infrastructure across
the country.
CASE STUDY: AB ELECTRIC POWER – A SUCCESSFUL JOURNEY
OF TRANSFORMATION

Introduction

Diksha Thakral is the founder and driving force behind AB Electric Power, a dynamic
company established in 2018 that specializes in the importation of high-quality electric
batteries and scooters from China for distribution throughout India. In light of India’s
increasing demand for sustainable transportation solutions, her venture is strategically
positioned within the rapidly expanding electric vehicle (EV) sector. This sector is
experiencing remarkable growth, supported by various governmental initiatives, including the
FAME India scheme (Faster Adoption and Manufacturing of Electric Vehicles in India). This
initiative aims to enhance the adoption of electric mobility solutions, reduce dependency on
fossil fuels, and promote environmental sustainability, thereby aligning with global efforts to
combat climate change. AB Electric Power is committed to contributing to this
transformative movement in the Indian automotive landscape.

Origin of the Business

AB Electric Power was founded with a clear vision to tap into the rapidly increasing demand
for electric vehicles in India. Understanding the significant shift towards sustainable
transportation solutions, Diksha identified an opportunity to provide eco-friendly products
that align with this trend.

With a strong background in international trade, she focused on sourcing high-quality electric
batteries and scooters from leading manufacturers in China. Her expertise allowed her to
negotiate favorable terms and ensure that the products met the highest standards of quality
and efficiency.

The establishment of AB Electric Power coincided with a pivotal moment in society, as there
was an increasing awareness of environmental issues, coupled with a collective desire for
cleaner energy alternatives. This heightened consciousness created a favorable market
environment, where consumers were actively seeking sustainable solutions for their
transportation needs. By positioning the company at the intersection of these trends, Diksha
aimed to contribute positively to the environment while also fulfilling the growing demand
for innovative electric vehicle options in India.
Challenges Faced and How They Were Overcome

Diksha encountered a variety of significant challenges during her entrepreneurial journey,

particularly due to the widespread disruptions caused by the COVID-19 pandemic. The
pandemic not only disrupted supply chains but also led to a noticeable decline in consumer
demand across many sectors. Faced with these unprecedented difficulties, Diksha recognized
the need for strategic adjustments to maintain her business’s viability and growth.

To address the supply chain disruptions, she broadened her supplier base, seeking out
alternative vendors and partners both locally and internationally. This diversification not only
reduced her dependence on a single source but also allowed her to adapt more quickly to
changes in availability and pricing. In addition, she worked diligently to strengthen her
logistics partnerships, ensuring that her operations could maintain timely and efficient
deliveries, which is crucial for customer satisfaction and retention.

Understanding the importance of sound financial management during this volatile period,
Diksha implemented several key practices to mitigate risks associated with bad debts. She
introduced cashless payment methods, making transactions easier and safer for her customers
while also improving cash flow. Furthermore, she established a process of conducting
thorough background checks on dealers and partners to assess their financial health and
reliability, thereby reducing the potential for financial losses.

Through these decisive strategies, Diksha navigated the challenges posed by the pandemic,
positioning her business for resilience and sustainable growth in the face of uncertainty..

Growth Strategies and Entrepreneurial Competency

Diksha’s growth strategies are intricately designed around three core pillars: cost efficiency,
quality sourcing, and dynamic networking. By cultivating robust relationships with her
suppliers in China, she skillfully ensures that her products are not only affordably priced but
also adhere to stringent quality standards, appealing to a discerning customer base.

Her entrepreneurial prowess shines through her proactive approach to networking; she
expertly leverages her father's extensive connections while engaging with potential clients on
various social media platforms. This strategic outreach not only broadens her business's
market reach but also significantly enhances her brand's visibility among consumers,
allowing her to establish a strong presence in a competitive landscape.

Business Model Canvas for AB Electric Power

The Business Model Canvas for AB Electric Power outlines its strategic framework as
follows:

 Key Partners: AB Electric Power collaborates with several crucial partners to

operate effectively. These include reliable suppliers from China who provide high-
quality electric batteries and scooters, logistics partners who ensure timely and
efficient distribution, and government authorities that facilitate compliance with
regulations and support electric vehicle initiatives.

 Key Activities: The core activities involve importing electric batteries and scooters,
which entails negotiating with suppliers and overseeing shipment processes. The
company places significant emphasis on quality assurance to guarantee that all
products meet safety and performance standards. Additionally, effective dealer
management is essential; this includes training dealers, providing them with sales
support, and regularly communicating to strengthen partnerships.

 Value Propositions: The company aims to deliver exceptional value to its customers
by offering high-quality electric vehicles (EVs) at competitive prices. The
incorporation of cashless payment methods enhances the purchasing experience,
making transactions easier and more convenient for customers and dealers alike.

 Customer Relationships: AB Electric Power prioritizes strong relationships with its

dealer network across India. The company conducts thorough background checks to
select dependable dealers and provides ongoing support in terms of sales training and
promotional materials. This approach fosters loyalty and trust, ensuring dealers feel
valued and equipped to sell the products effectively.

 Channels: The distribution strategy includes direct sales to dealers, ensuring that they
receive products promptly and efficiently. Additionally, the company utilizes online
marketing techniques, particularly through social media platforms, to promote its
 electric vehicles and engage with potential customers. This combination of direct and
digital channels enhances market reach and visibility.

 Customer Segments: The primary customer segment consists of dealers located

throughout India who are in search of reliable and innovative electric vehicle
products. By focusing on this group, AB Electric Power is able to tailor its offerings
and support services to meet their specific needs and preferences.

 Cost Structure: The company’s cost structure involves several key components,
including import costs for acquiring electric batteries and scooters, logistics expenses
associated with transportation and distribution, as well as marketing costs aimed at
promoting products and building brand awareness.

 Revenue Streams: Revenue is primarily generated through the sales of electric

batteries and scooters to dealers. This sales model leverages the growing demand for
electric vehicles in India, positioning AB Electric Power to capitalize on an expanding
market.

PESTEL Model

Political: Supportive government policies like FAME India promote electric mobility.

Economic: Growing demand for cost-effective transportation solutions amid rising fuel
prices.

Social: Increasing consumer awareness regarding environmental sustainability.

Technological: Advancements in battery technology enhance product offerings.

Environmental: Focus on reducing carbon footprints aligns with global sustainability goals.

Legal: Compliance with import regulations and safety standards for electric vehicles.

Reflection and Recommendations

In her reflections on her professional journey, Diksha underscores the critical importance of
adaptability and resilience in the field of entrepreneurship. To further advance the growth of
AB Electric Power, it is advisable for her to consider establishing partnerships with local
manufacturers. This approach would facilitate the diversification of product offerings and
diminish dependence on imported materials. Moreover, allocating resources towards
marketing campaigns that aim to educate consumers about the advantages of electric vehicles
could significantly enhance brand awareness and sales figures. Additionally, a commitment to
continuous improvement in supply chain management will be vital for sustaining
competitiveness within the dynamic market landscape.

ENTREPRENEURIAL THEORIES

1. Schumpeter's Innovation Theory

According to the theory developed by Joseph Schumpeter, the essence of entrepreneurship is
the process of innovation. Entrepreneurs act as agents of change by introducing new
products, processes, markets, or business models that disrupt the existing equilibrium. The
key concept here is "creative destruction," where outdated methods are replaced by
innovative ones to achieve economic growth.

2. Harvard School Theory

The Harvard School Theory views entrepreneurship in the context of market structure and
competitive strategy within an industry. Entrepreneurs observe market conditions, analyze
competition, and implement strategies to maintain a competitive edge. This theory highlights
the relationship between an entrepreneur's decisions and the external environment of their
business.

3. Knight's Theory of Profit

Proposed by Frank H. Knight, this theory emphasizes that entrepreneurship involves
risktaking and managing uncertainty. Entrepreneurs take on uninsurable risks and earn profits
as a reward for bearing such uncertainty. This approach focuses on their ability to handle
unpredictable outcomes while making calculated decisions.

4. McClelland's Theory of High Achievement

David McClelland’s theory states that successful entrepreneurs are driven by a high need for
achievement (n-Ach). They are motivated by the desire to excel, solve problems, set
challenging goals, and seek feedback to improve. High achievers prefer moderate risks, value
feedback, and demonstrate persistence and innovation.
5. Kirzner's Theory of Adjustment
Israel Kirzner’s theory highlights entrepreneurial alertness and the ability to identify
overlooked opportunities in the market. Entrepreneurs act as coordinators who adjust market
imbalances by addressing inefficiencies and gaps. This theory emphasizes improving market
efficiency rather than engaging in disruptive innovation.
Analysing AB Electric with Harvard School Theory

The Harvard Business School (HBS) framework, particularly its emphasis on business
ecosystems, competitive strategy, and innovation, offers valuable insights into the
development of the electric vehicle (EV) ecosystem in India. By applying key aspects of this
theory, we can better understand how the interconnected elements of stakeholders, resources,
market dynamics, and government policies collectively drive the growth and challenges
within the Indian EV industry.

1. Business Ecosystem Approach

HBS theory highlights that businesses do not operate in isolation but within a broader
ecosystem of interconnected entities. In the Indian EV sector, companies like Tata Motors,
Mahindra Electric, and Hero Electric operate alongside suppliers, logistics providers, dealers,
and policymakers. This interdependence is evident in the reliance on quality sourcing of
components, the role of government incentives like the FAME scheme, and partnerships with
logistics providers to streamline distribution. AB Electric Power, for instance, exemplifies
this ecosystem approach by navigating relationships with Chinese suppliers, leveraging
government support, and engaging in strategic networking through social media.

2. Porter's Five Forces Model

Michael Porter’s Five Forces framework, a cornerstone of HBS theory, is highly relevant to
the competitive landscape of the EV ecosystem in India.

 Threat of New Entrants: The EV market sees continuous entries from startups and
international players, intensifying competition. However, government policies like
subsidies and local manufacturing incentives reduce entry barriers and encourage
participation.

 Bargaining Power of Suppliers: Dependence on imported resources like lithium and

cobalt gives suppliers significant leverage, but initiatives to localize production aim to
mitigate this power.
  Bargaining Power of Buyers: Increasing consumer awareness about environmental
sustainability and the rising cost of fuel enhance the bargaining power of buyers,
demanding high-quality and affordable EV options.

 Threat of Substitutes: Internal combustion engine vehicles and alternative mobility

solutions, such as CNG and hybrid models, pose a threat to EV adoption.

 Industry Rivalry: Companies like Ola Electric, Ather Energy, and TVS Motors
compete on pricing, innovation, and market penetration, driving industry
advancements.

3. Resource-Based View (RBV)

The HBS theory on leveraging internal resources to build a competitive advantage is

pertinent to the Indian EV ecosystem. Companies must focus on their unique strengths, such
as Tata Motors’ expertise in scaling production or Ather Energy’s focus on advanced scooter
technology. For AB Electric Power, sourcing high-quality and cost-efficient products from
China is a critical resource that helps maintain competitiveness. Efficient financial
management and the strategic use of social media for networking also demonstrate the
effective allocation of resources.

4. Innovation and Scalability

HBS frameworks emphasize innovation as a driver of competitive advantage. In the Indian

EV market, innovation is crucial for addressing challenges like range anxiety, high upfront
costs, and charging infrastructure. The commitment of companies to research and
development, as well as the government’s push for localized production, fosters an
environment conducive to scalable solutions. AB Electric Power, for example, leverages its
cost-efficient import strategy and cashless payment systems to streamline operations and
expand its market reach.

Relevance and Conclusion

The Harvard Business School theories provide a structured way to analyze the complexities
of the Indian EV ecosystem. By understanding the ecosystem approach, competitive forces,
and the importance of resource allocation and innovation, stakeholders can align their
strategies with industry demands. The relevance of these theories lies in their ability to guide
businesses like AB Electric Power in navigating challenges, leveraging opportunities, and
contributing to the sustainable growth of India’s EV industry.

ANNEXURE
Meet Meeting
Wed, Jan 1, 2025

0:56 - Diksha Thakral

so my first question to you is tell me about the origin of your business so we started this
particular business in 2018 with an import and export license because we import stuff like
it's a trading.

1:49 - DEVANSH AGGARWAL

So my company's name is AB Electric Power.

1:54 - Diksha Thakral

We are a trading company. We import electric batteries and electric scooters from China.
And then we distribute it in all over India. We have a pan-India business. So yeah, that's all.
You can go ahead with it. Origins of your business? Okay, so we started this particular
business in 2018 with an important export license for the trading company and ICAT
certificate for assembling the scooters in India.

2:33 - Devansh Malani

My second question is what are the key players in your business ecosystem?

2:39 - Diksha Thakral

So as like suppliers and manufacturer hold a very important important role in our business.
Because suppliers and manufacturers are basically in China, we import the batteries from
China. So they play a very important role. Second are logistic partners like dealers and
retailers. Those are like domestic dealers and retailers, then technicians and service
providers because we need to like we provide replacements and stuff. Like technicians who
repair batteries and scooters as well. And the other government and regulatory authorities
also play a very important part.

3:21 - Unidentified Speaker

Okay.

3:22 - Devansh Malani

My third question is, can you tell us about the government's involvement and the
government schemes utilized by the business?

3:31 - Diksha Thakral

Okay, so as it is an EV industry, so the government provides subsidies and tax benefits on
electric vehicles under the scheme, if I'm not wrong about it, it's called FAME India, Faster
Adoption and Manufacturing of Hybrid and EVs. So they encourage domestic assembly of
components as well, because if we are importing scooters, but they are also promoting to
manufacture scooters in India. So because of that, they provide low interest, loans and
funding for businesses focused on renewable energy and EVs because they are focusing on
more EVs because of all the petrol and diesel deficiency and stuff.

4:27 - Unidentified Speaker

Right.

4:28 - Devak Aggarwal

Yeah. So, is there any universities supporting the business in research work? As such, I don't
know of any universities.

4:53 - Diksha Thakral

that is promoting, importing.

4:55 - Devak Aggarwal

Okay, so can you tell us about the finance sources and the finance being used in your
company?
5:05 - Diksha Thakral
Mainly it's equity investment, it's personal funding, then bank loans and also because we
like we have our dealers in China so they provide trade credits as well.

5:20 - Unidentified Speaker

Right.

5:22 - Devak Aggarwal

Can you tell us about the competitors in the same business sectors, like you are importing
the batteries, EV batteries. So are there any other competitors doing the same?

5:35 - Diksha Thakral

Yeah, for sure. There are many other importers who are importing from the same company
that we are buying our products from Then there are local manufacturers. Then there are
alternate energy solutions like lithium batteries, we just deal in lead acid battery, because as
compared to lithium, it's more safe. But if you compare the other dealers who are dealing in
lithium batteries, these are the competition that we're facing.

6:13 - Unidentified Speaker

Right.

6:14 - Devak Aggarwal

Now, how do competitors play an important role influencing the business like they push you
to the next level like do something better or import the highest quality yeah for sure I think
competition is one of the most important part

6:36 - Diksha Thakral

of business they set prices they set market prices um they enhance consumer awareness like
everyone is getting aware by other dealers as well for EV and to switch a particular market
for from like a particular energy to electric energy you need to provide a lot of consumer
awareness so yeah all the competition or the importers and other people are providing
those providing that awareness to the consumer and that is playing a good part in switching
the industry Right,
7:15 - Devak Aggarwal
so my part of questions ends here. Now Devansh Malani will take over.

7:21 - DEVANSH AGGARWAL

So, I want to ask you regarding the challenges faced by you as a business woman. Can you
tell us the challenges, like as you are in EV sector, you have to handle logistics and also day-
to-day assembling and day-to-day work. So, can you tell us the challenges that you face as
everyday work as you're doing a pan India business?

7:45 - Diksha Thakral

Yeah, for sure. Basically, when we started it was 2018. And our business was like, on a
starting stage, right? And then COVID hit. So that was one of the most big, like, one of the
biggest problem that I particularly faced. Because when you're starting a business, you need
to provide you need to at least give three or four years for that business to grow. But with a
huge investment and COVID coming that was a huge problem that I particularly face because
I started I was very new to this like business field and risk-taking was one of the thing that I
learnt during COVID and then if we come to like daily daily challenges because it's we are
importing from a particular country right and it's China India and China relation are like not
really good sometimes, but really not bad sometimes. So due to that, there is global trade
regulations and delays. On top of it, regulatory compliance, navigating import duties, the
duty keep on switching, like sometimes the duty is really high, the taxes are really high
sometimes, like you need to just focus on that, like what particular, because of that, change
and then customer awareness which I was talking to you about because people are not
ready to switch to EVs and that is a particular thing that is like I am facing problem in that
people are not ready to

9:25 - DEVANSH AGGARWAL

switch that quickly and I wanted to ask you a follow-on on this question that what mode of
payment do you take? Do you take mostly credit or cash?

9:39 - Diksha Thakral

So because it's a trading business and we are not retailing, we are wholesaling. Because of
that, we do not take cash. We have to give credit because there are huge orders. Because
sometimes like when it's a season, kind of it's a seasonal work. During like November, the
the season is high so at that particular time we do provide credits to the dealers but I
basically like deal in payment online so we don't deal in cash. Will you face any challenge
while taking credit? Yeah for sure like you have to keep on calling them if I'm calling a
particular dealer three four five six time I will feel like I'm bugging him and like you need to
be really rigid in this thing that when you are giving credit is the dealer that you are giving
credit to is it like you have to kind of do a background check on them you have to like see if
their business is doing good or not because bad debt is a thing that is really bad for a
business and there are people like who I met because of bad debts the business were ruined
so I that was a particular thing because it's a family business my dad taught me that you
need to be rigid with these people when you are giving credit to that you need to keep
bugging them otherwise you won't get payments on time that answers my question so on to
the

11:23 - DEVANSH AGGARWAL

next question how do you make connections and networking and how both of them has
influenced your business?

11:30 - Diksha Thakral

Basically, I did not face a very huge problem in networking because my business goes back
like 20 years because my dad was working in the same field. It wasn't EV in particular, but he
was dealing in battery and inverters. So kind of, and we are in the main market of my
particular city. So Hisar's auto market is one of the huge in Asia so networking wasn't that
big of a deal but when I had to network I searched on Facebook groups for electric dealers I
linked in some of the people I did networking on Instamart I also networked because one of
the main dealer that like my dad he was my dad's friend so he provided provided a lot of
dealers to us. So it's like you just keep need to like you just need to talk to them regularly. So
you just kind of have a network after that.

12:40 - Unidentified Speaker

Okay.

12:40 - DEVANSH AGGARWAL

Yeah. So the next question is, what supports your business model? Explain the how finances
work and how finances and mentoring helped you in creating a dynamic business model and
a successful business.

12:56 - Diksha Thakral

So my main focus was cost efficiency sourcing affordable yet quality products from China. If I
if I need to compete in the market, I need to give a product that's different than the other
competitors. So for that, I basically has that thing that my product is far better than the
competitors because my particular focus was that that it's not just cheap but it should be a
quality product then government support the subsidies and favorable policies also act in our
way because government is promoting EVs mentoring also played an important role because
I told you that my it's a family business my dad was in this particular field so he mentors me
a lot then dynamic finances proper allocation of funds for import marketing and growth
ensures that the business remains scalable and competitive I make sure that I have funds
allocated for my import for my marketing because in india I don't think so people like people
are ready to pay for marketing but I do have a marketing team I focus on marketing as well
and then growth is a thing that you need to keep your eye on that because if my business is
growing I need to tell my bank about it that yeah it's good it's growing on this particular
scale and I need these particular funds from you in this particular time so if I tell them like if
I if I tell them right now about my next year sale that I am like assuming that my sale will be
this much because my this year sale is this much. I need to like keep communicating with my
bank as well and growth ensures that business remains scalable and competitive. If that
growth is what I am focusing on like then only I can compete in the market. So these are the
particular thing that I have in my business.

15:08 - DEVANSH AGGARWAL

model I want to ask you one last question regarding do you feel that you have a good
amount of monopoly in the business in your sector in ISA yeah for sure I can say that like if I
am asking

15:27 - Diksha Thakral

someone about my company because like we have a particular marker right that we sell up
batteries from AB electric power, the name. So I think everyone in the market is kind of like,
yeah, we need that battery in our scooters. Because our basic focus for first five years in our
business was making a name for ourselves in batteries. Not in scooters, but in batteries. So
yeah, I think that we have a monopoly in that. In his eyes.

16:00 - DEVANSH AGGARWAL

Thank you, Mrs. Diksha, for answering questions you're welcome no problem guys thank you
so much bye bye