Motovolt has invested Euro 1 million as the first step in eROCKIT and plans to make further investments of around 10 million Euros in India for industrialisation of the German electric 2-wheeler OEM's products.
This initial investment is aimed at strengthening the product development and production of eROCKIT’s premium models at their manufacturing site in Berlin, Germany. The deal is also a push towards Indo-German trade and collaboration in the electric vehicle sector.
With this step, Motovolt,a Kolkata-based leading e-mobility brand, has become the first Indian EV startup to have undertaken a strategic M&A with a German electric 2 wheeler OEM, eROCKIT.
Tushar Choudhary, Founder & CEO, Motovolt, said, “The deal with eROCKIT is going to make a major impact on the Indian markets and transform the 2-wheeler segment. Our aim is to benefit from eROCKIT’s know-how to develop relevant product solutions for Indian consumers. For instance, Motovolt intends to redefine motorcycle as a category in India by significantly boosting user experience through usage of eROCKIT’s technology platform such as their futuristic drivetrains and the excellence of German engineering." He further added that they would also be focusing on extensively manufacturing eROCKIT’s products domestically under the ‘Make in India’ initiative and setting up a global footprint for sales and distribution of our products globally.
"This alliance is a major accomplishment in our journey towards building a strong and reliable international brand with a very high growth potential,” Choudhary added.
Andreas Zurwehme, Chairman eROCKIT AG said, "I am pleased to have Motovolt as a strong shareholder in the company. The investment accelerates eROCKIT's expansion plans as a vehicle manufacturer and technology provider. It's a strong signal for our shareholders. We are open to further investors."