Sub-Rs 1 Lakh Segment to Remain Ampere’s Priority: Greaves Electric MD

Greaves Electric Mobility will continue to focus on the sub-Rs 1 lakh electric two-wheeler space as the cornerstone for its Ampere brand’s growth strategy. The company believes affordability will remain the decisive factor in expanding electric vehicle adoption in India’s mass market.

According to Greaves Electric Mobility Managing Director Vikas Singh, the value segment presents the largest and most sustainable opportunity in the transition to electric mobility, particularly as competition intensifies across price bands.

“We have a very strong presence in the value segment, which is of Rs 1 lakh and below. We will, and that is where, in a country like India, that is the mainstay in terms of where the population, the opportunity is, the potential growth is. So, that will continue to be a priority area for us,” he said.

The company’s emphasis on the lower price band comes at a time when several competitors are attempting to expand into entry-level electric scooters for a larger scale, even as premium offerings continue to attract urban buyers. Singh said Ampere’s existing base in the value segment provides a structural advantage as the market broadens beyond early adopters.

“The good news for us is that moving up the ladder from value to premium is much easier, like what you saw with the Nexus. We will build our presence in the premium segment. The industry is actually having to do the reverse. They are trying to come down towards the 1 lakh segment from the top,” he said.

Ampere’s portfolio currently includes models from entry-level scooters such as the Reo 80 to premium products like the Nexus. The company believes that this enables the brand to cater to both first-time buyers and customers seeking more feature-rich two-wheelers. 

The automaker has plans to introduce a sixth-generation mass market electric scooter in the financial year 2027, with which the company believes it can replace petrol-powered models in the sub-Rs 1 lakh category.

Greaves Electric is aiming to build momentum toward a double-digit market share in the electric two-wheeler segment, supported by steady product updates and expansion of its retail network. Singh noted that scale will be critical to sustaining profitability as competition intensifies and pricing pressures persist across the industry.

Ampere moved up to the fifth position in monthly electric two-wheeler retail sales in February 2026, delivering 4,478 units and overtaking Ola Electric during the month. The company has steadily expanded its distribution network and now operates in around 27 states through more than 500 electric two-wheeler dealers.

During the financial year 2026, Ampere increased its market share by around 85 basis points to 4.4% in the electric two-wheeler market. Its registrations increased 51% to 61,641 units during the year.

“We are very clear on the multiple segments that we can address, and therefore our future scale, double-digit market share is what we are aspiring for,” he said, without committing to a timeline.

Meanwhile, Greaves Electric expects demand to remain strong even as government incentives are being gradually reduced. According to Singh, the long-term economics of electric vehicles, particularly lower running and maintenance costs, are increasingly driving purchase decisions, especially among price-sensitive buyers.

The company views affordability and operating efficiency as the primary factors shaping the next phase of growth in the electric two-wheeler market, rather than the government’s demand subsidy support alone.

Product Pipeline

Rather than pursuing rapid expansion across multiple segments with new products at once, the company is looking at a disciplined product rollout cycle, introducing new models at regular intervals while focusing on cost efficiency and operational stability.

Singh said product strategy will remain central to the company’s growth plans, particularly in segments where incremental demand potential is high. 

The company is also working to streamline its product architecture by consolidating existing vehicle platforms into a single scalable structure capable of supporting multiple models. This is expected to improve development efficiency and reduce production costs, allowing the company to maintain competitive pricing in the value segment while expanding its range.

Exports as Second Growth Lever

Alongside domestic expansion, Greaves Electric has started building an international presence in select markets where demand for affordable electric mobility solutions is rising. The company has recently launched its products in Nepal and secured repeat orders in the Philippines, marking early steps in its export strategy.

Singh said the company intends to expand overseas operations gradually, focusing on markets where its pricing and product positioning align with local conditions. Exports are expected to complement domestic growth rather than replace it, helping improve capacity utilisation and diversify revenue streams over time.

IPO to Fund Next Phase

Greaves Electric Mobility, the electric mobility arm of Greaves Cotton Ltd, is preparing to enter the capital markets following regulatory approval for its proposed initial public offering. The company plans to raise Rs 1,000 crore through a fresh issue of shares, with proceeds earmarked for product development, technology capabilities and manufacturing expansion.

Part of the investment will be directed toward strengthening its technology centre in Bengaluru and setting up an in-house battery pack assembly line at its Ranipet facility in Tamil Nadu by the financial year 2027. The company currently sources assembled battery packs from external suppliers and has identified multiple vendors across Asia for cell procurement.