Ampere Vehicles is acquiring Noida based E-3Wheeler company, Bestway Agencies Pvt. Ltd. (BAPL), which sells e-Rickshaws under the ELE brand. Ampere will have a 74 percent stake in the company, subject to customary closing conditions. With this acquisition, Ampere expands its presence in the e-Rickshaw segment. With e-Mobility a major focus, Ampere is looking at creating a presence in the E-2W and E-3W segments.
The subject of electric rickshaws has long been one of debate. The unregulated space is dominated with totos that ferry folks over short distances. And while a range of the electric rickshaws have largely been criticised as being flatpack Chinese imports, if truth be told, it's this unregulated e-rickshaw movement that made people realise the convenience of such vehicles.
In recent years, bigger names have expressed an interest in the electric-rickshaw segment. With the sheet being a fast growing one in the EV mobility movement, it's no surprise that manufacturers are keen to vie for a share of the pie. For the EV operator, the proposition is presented as one that's comfy and cost-effective for customers, and increases daily earning potential of a driver.
Ampere foresees quick segment growth with demand for affordable mobility growing, and post-COVID employment generation increase at the bottom of the pyramid. In addition to B2C segment, Ampere will now have a portfolio for B2B customers with e-3W requirements for people and cargo mobility.
In recent years, Bestway's ELE e-Rickshaw has performed well in the organized segment in the markets in eastern India, and eastern UP. It's B2C presence in the mass market passenger segment is strong, and the company is a new entrant in cargo carrier and B2B commercial mobility with custom-built applications.
Former Fiat India MD & President, Nagesh Basavanhalli is currently the MD and CEO of Greaves Cotton Ltd. He is also the Director at Ampere Vehicles. He said, "Ampere is one of India's fast growing and comprehensive EV ecosystem player that is creating value in the last 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 E-2W & E-3W 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, With the acquisition of Bestway, Ampere has now embarked on a new journey to provide clean, safe and sustainable shared mobility solutions through E-3Wheeler."