BikeWo Green Tech Limited has signed a memorandum of understanding (MoU) with PositiEV Mobility Pvt Ltd to pursue a strategic partnership under which it proposes to acquire a 51 per cent stake in the EV mobility company, subject to due diligence, valuation, definitive agreements and statutory approvals.
Under the proposed transaction, Hiten Pal Saklani, founder of PositiEV Mobility, has been nominated to take over as chief executive officer of BikeWo upon completion of the acquisition, subject to board approval and execution of definitive agreements.
The companies said the proposed partnership is intended to strengthen BikeWo's presence across the electric mobility value chain by combining EV retail, leasing, financing, charging infrastructure, battery swapping, fleet solutions and after-sales services under a single platform.
BikeWo said the transaction is aimed at addressing challenges that continue to affect EV adoption in India, including financing, dealership viability, charging infrastructure and fleet management. PositiEV Mobility focuses on commercial EV distribution and leasing, offering integrated financing, charging, maintenance and fleet services through partnerships with OEMs, dealers, NBFCs and fleet operators.
If completed, the acquisition would also give BikeWo access to PositiEV's network of dealers, institutional customers, financiers and strategic partners as it seeks to expand its presence in commercial mobility, enterprise fleet solutions and digital mobility services. The company also plans to deepen partnerships with OEMs, financial institutions, charging infrastructure providers and fleet operators.
Saklani, who has more than a decade of experience in electric mobility, manufacturing and clean technology, currently leads PositiEV Mobility and Xtrawrkx. He is expected to oversee BikeWo's business strategy, operations, partnerships and integration efforts following completion of the proposed transaction. "India's EV transition is entering a defining phase where success will depend not only on vehicles but on the ecosystem that supports them. Financing, charging infrastructure, dealership sustainability, fleet management and after-sales service must work together to make electric mobility truly scalable," said Hiten Pal Saklani, Founder & CEO, PositiEV Mobility.