Ampere Vehicles, the electric mobility arm of Greaves Cotton, has acquired 74 percent stake in Noida-based electric three-wheeler company Bestway Agencies (BAPL) which sells e-rickshaws under the ELE brand.
Through this acquisition, Ampere will expand its presence in the e-rickshaw segment to become an integrated last mile e-mobility player with a strong presence in both electric two- and three-wheelers.
Greaves Cotton says it foresees rapid growth in this segment as affordable mobility needs expand in the country and as post-Covid thrust towards employment generation increases at bottom of the pyramid. In addition to B2C segment, with this acquisition, Ampere will also be able to offer a complete product portfolio to its B2B customers who have requirements for e-three-wheelers as well for both people and cargo mobility.
Commenting on this acquisition, Nagesh Basavanhalli, MD and CEO, Greaves Cotton and director, Ampere Vehicles said, “Ampere is one of India’s fast growing and comprehensive EV ecosystem players that is creating value in the las-mile mobility ecosystem. The acquisition will further strengthen Ampere's relationship with the Indian consumer by adding last-mile mobility products and services for uninterrupted journey, enhancing productivity across the e-two-wheeler and e-three-wheeler spectrum. Combining Ampere’s and Bestway’s expertise will help in further boosting company’s growth and strengthen market positioning as leading E-Mobility business in India.”
BVR Subbu, chairman, Ampere Vehicles said, “Within two years of Ampere's acquisition by Greaves, the company has grown phenomenally and has achieved several milestones thereafter to become a preferred and affordable e-two-wheeler brand under personal mobility segment in the country. With the acquisition of Bestway, Ampere has now embarked on a new journey to provide clean, safe and sustainable shared mobility solutions through e-three-wheelers and become a leading player in building and strengthening the country’s EV ecosystem.”
The company says the electric three-wheeler segment has seen growth acceleration in the last few years and Bestway’s ELE e-rickshaw has been one of the top 3 brands in the organised segment in the high-growth markets of eastern India and eastern UP. Bestway has a strong B2C presence in the mass market passenger segment and has recently entered new segments of cargo carrier and B2B commercial mobility with custom-built applications. The company has fit for purpose frugal manufacturing and ecosystem partnerships with financing companies and culture for serving customers at the bottom of the pyramid.