Bengaluru-based EV startup Pravaig Dynamics plans to invest as much as $50 million (Rs 400 crore) to launch its first product, the Defy SUV, in the second quarter of next year to compete with Mercedes-Benz EQC and Audi e-tron.

Siddhartha Bagri, CEO of Pravaig Dynamics, said there is huge potential for growth in the electric vehicle segment as consumer awareness grows. The company has received 800 pre-orders for the Defy SUV, which will launch in the capital on November 25. To capitalise on the market potential, Pravaig plans to launch two more models by 2025.

In addition to local sales, the company plans to start operations in Europe and the United States in the next few years. International operations are expected to account for around 70% of Pravaig Dynamics sales by 2028.

Pravaig Dynamics claims the Defy can travel around 500 kilometres on a single charge. The vehicle charges from 0-80% in half an hour. Except for the batteries, all components are sourced locally, with a localisation level of around 85%, the company said.