Ampere Vehicles, the E-Mobility arm of Greaves Cotton Limited, maneuvering through the electric two-wheeler and electric three-wheeler space, is all set to expand its stake in the last mile mobility ecosystem.
The e-mobility startup has acquired a strategic stake in L5 electric three-wheeler manufacturer MLR Auto. The company will acquire a 26 percent stake in MLR through primary subscription for around INR 18 crores for the initial acquisition.
BVR Subbu, Chairman of Ampere Electric, said, “Our market research and analysis suggest that in the top ten urban three-wheeler markets, passenger vehicles will shift rapidly to EVs and by 2024, 100 percent of the segment will be electric.”
“This comes from an overwhelming consumer preference for quieter emission-free vehicles as consumer habits evolve, particularly those relating to the mobile consumption of data and entertainment. At Ampere, we are getting ready to participate in this high growth segment with a range of affordable and reliable products,” he added.
Ampere Electric Vehicles has over twelve years of experience in EV technology, designing and manufacturing electric vehicles and was backed by Ratan Tata earlier. Engine manufacturer Greaves Cotton acquired a 67 percent stake in 2018 for Rs 77 crore, thereby giving it a valuation of INR 115 crore.
Lokeswara Rao Mullapudi, Director MLR Auto, said, “We are excited to be part of the Ampere family as we both share a common vision to work towards sustainable and affordable mobility solutions. We are confident that our combined strengths will help achieve new milestones of growth in the fast-growing and promising space of electric vehicles.”
Urbanization coupled with the exponential growth of e-commerce has spur last-mile delivery demand. Ampere is gearing up to cater to this growth with application-specific solutions for B2B fleet logistics solutions.
The company recently announced an investment in EV at Ranipet, Tamil Nadu, with a capacity of up to one million electric two-wheelers in phases and a commitment to invest over INR 700 crore.
The mobility startup has sold around 100,000 electric vehicles across 400 towns, spearheading the country’s last-mile mass mobility needs with electric vehicles.