New Delhi, Aug. 18 -- Electric vehicle maker Omega Seiki Pvt Ltd, which operates the logistics fleet management business Omega Seiki Mobility (OSM) and recently raised Rs 50 crore from a group of private investors, is scripting a plan to go public, two people familiar with the matter told VCCircle.

Omega Seiki was founded by Uday Narang, a former US-based fund manager whose family's Indian business interests span bright bar steel, auto components and electric mobility.

One of the persons cited above said the company is currently exploring different options to go public. "It could look at an initial public offering (IPO) to list directly or may merge with a listed shell entity to get listed through a reverse merger," the person said, adding that Omega Seiki is yet to decide on the way ahead.

Separately, Narang is in the process of taking over Pasupati Fincap Ltd, a listed company with negligible revenue and a market capitalization of around Rs 5 crore ($0.5 million). He has inked a deal with Pasupati Fincap's existing promoters to buy their 11.5% stake for around Rs 65 lakh. Narang has also made an open offer to buy another 26% stake through a tender offer worth around Rs 1.4 crore.

The plan is to eventually merge Omega Seiki, which manufactures electric cargo three-wheelers, two-wheelers and light commercial vehicles, into the listed entity, enabling the EV maker to enter the public markets through a reverse merger, the second person said, requesting anonymity.

A 'reverse merger' is a transaction where a private company becomes publicly listed by merging with an already listed company instead of going through the conventional IPO process.

However, Omega Seiki denied any connection between Narang's acquisition and its listing ambitions.

"Narang's acquisition of Pasupati Fincap is being undertaken in his personal capacity for his own ventures and is not connected with Omega Seiki Mobility or Omega Seiki Ltd," a company spokesperson said, adding, "Accordingly, any reference suggesting that Omega Seiki is being brought into the public markets through a reverse merger with Pasupati Fincap would be incorrect."

Separately, the company is raising another funding round. Both the people cited above said the round would be around Rs 50 crore, adding that some family offices and institutional investors, which had earlier backed the firm, are likely to put in additional capital alongside new investors.

The company spokesperson confirmed this development, adding that it is targeting around Rs 50 crore as a pre-IPO raise, following the Rs 50 crore raised earlier. "With these two funding rounds aggregating approximately Rs 100 crore, Omega Seiki is preparing for its planned entry into the public markets in 2027," the spokesperson said.

The spokesperson also said Omega Seiki has recently converted from a private limited company into a public limited company as part of its listing preparations, reiterating that "the company's public market journey is being pursued independently of Uday Narang's personal ventures and his transaction involving Pasupati Fincap."

SKG Investment and Advisory is acting as the strategic advisor on the fundraising.

"We feel that the EV passenger vehicle market has reached an inflection point where the total cost of ownership model is more profitable to the end consumer," said Abhishek Mishra, partner at SKG Investment and Advisory. "Sales crossed 25 lakh units in FY26, up 25%, which shows market acceptance at a broader level."

Mishra added that OSM is among the few profitable EV companies in India that have shown organic growth through operational efficiency and astute management. "They have consistently retained their spot amongst the top EV manufacturers. The promoters also have a very successful history of running robust manufacturing companies such as OBSC (Perfection) and Omega Bright Steel. Our conviction in OSM comes from the industry landscape and Mr Uday Narang's leadership," he said.

Previous funding, financials

Omega Seiki recently raised Rs 50 crore from Securocorp Securities, Sangeeta Parekh, Saket Aggarwal Family Office, and Vanshika Sharma.

At the time, the company said the proceeds would be used to expand manufacturing capacity, strengthen research and development, enhance its dealer and service network, and accelerate the rollout of next-generation electric mobility products.

The company is believed to have ended FY26 with revenue of around Rs 350 crore. In FY25, it reported consolidated revenue of Rs 325.6 crore, according to VCCEdge, the data and research platform of VCCircle. It is targeting Rs 500 crore in revenue and Rs 20 crore in net profit for the current financial year.

Backed by the Anglian Omega Group, OSM serves customers such as Amazon, Flipkart, Zomato, BigBasket, Porter, Maersk and Nestle. The company caters to both cargo and passenger EV segments, with a large part of its portfolio focussed on commercial use.

Sector growth

India's electric vehicle sector has attracted significant capital lately as the world increasingly adopts sustainable routes of mobility. This has opened up a multitude of opportunities for manufacturers as well as investors, although the industry remains in its nascent phase. The supporting ecosystem, such as electric battery manufacturers and charging station infrastructure providers, has also received a leg up.

Recent transactions underscore the momentum. Commercial EV maker Euler Motors, an associate company of Hero MotoCorp, recently raised Rs 437.5 crore ($47 million) in its Series E round of funding, led by Lightrock, with participation from Hero MotoCorp and Blume Ventures.

In June, JSW Green Mobility, the electric mobility arm of JSW Group, made a strategic investment in Eversource Capital-backed mobility platform Lithium Urban Technologies.

Earlier this year, in February, commercial electric mobility platform Drivn secured financing commitments of up to $80 million (around Rs 723.3 crore then) from Nomura to fund the initial rollout of electric buses and trucks across India's intercity and heavy transport segments.

Among listed EV makers, Ather Energy and Ola Electric remain the largest players, commanding market capitalizations of Rs 57,600 crore and Rs 17,800 crore, respectively. Several smaller EV firms have also taken the SME exchange route to go public.

Published by HT Digital Content Services with permission from VC Circle.