The company, which on Tuesday launched its second electric scooter Praise priced at Rs 59,889, has set a target of selling 50,000 units in the next fiscal.
With its first scooter Pride, launched in January this year, the company expects to close the current fiscal with sales of 5,000 units.
The company also plans to come up with a new manufacturing plant in next couple of years.
"We have tentatively shortlisted some locations and depending on the market we plan to establish a second plant," Sharma said.
The company currently has a plant at Bhiwadi, Rajasthan with an installed capacity of 90,000 units per annum.
Commenting on the new product Praise, Sharma said the model has a range of around 170-200 kilometres on a single charge and can attain a top speed of 75 kilometres per hour.
It also comes with a boot capacity of 19.5 litres and various features like disc brakes, mobile charging point, alloy wheels and different driving modes.