Hyderabad-headquartered electric three-wheeler maker Gayam Motor Works (GWM) has announced a $50 million (Rs 370 crore) investment commitment from Luxemberg-based GEM Global Yield as the company plans to go public.
The OEM says the commitment will be made available on the first day of trading or in tranches to be drawn at the company’s option over a three-year period. With certainty of the investment upon listing, GMW says it is now well-positioned to deliver on the company’s vision of accelerating the world’s transition towards smart and sustainable mobility.
GMW is a leading electric three-wheeler manufacturer and is the largest exporter (for e3Ws) from India, with presence in UK, France, Portugal, Japan, Uganda, Nepal and Bangladesh. The company claims its SmartAuto is the first Indian e-three-wheeler to be European-certified, and is also the first to be designed with a modular battery swapping system.
Raja Gayam, CEO, Gayam Motor Works said: “This agreement with GEM is a validation of our position as a market leader in the affordable e-mobility space. We have indigenously designed a robust powertrain with proprietary battery swapping technology. Some of the global automobile majors are exploring technology partnerships with us to co-develop affordable mobility solutions.”
GMW's clientele includes IKEA, Amazon, Uber, Flipkart (Walmart), Sokowatch, Grofers, BigBasket, Delhivery, and several others. The company also set up battery swapping and charging networks at these customer warehouses and distribution centers.
Sri Harsha Bavirisetty, COO, Gayam Motor Works said: “Covid-19 has caused a steep increase in e-commerce penetration globally. E-commerce firms and fleet operators find small commercial EVs to be an affordable and smarter way of moving goods around, as last-mile delivery accounts for the largest portion (approx. 41%) of supply chain costs. Now, we look to help drive the industry’s inevitable electrification.”
The EV maker future plans also call for the production of electric four-wheeler trucks to follow from next year, which will have longer range and larger volume. The vehicle will likely be designed with the same battery interface of their SmartAuto for swift battery swapping across multiple vehicle types.