Ampere acquires e-rickshaw maker Bestway
Published On Jul 07, 2020
The latest acquisition enables Ampere to accelerate the mission of clean last-mile mobility with a wide range of affordable e-3W in India. Also, it strengthens Greaves' presence in the last mile passenger and cargo e-mobility domain.
Ampere Vehicles, a wholly-owned electric mobility subsidiary of Greaves Cotton, acquired the Noida based e-3-wheeler company Bestway Agencies (BAPL) seller of e-rickshaws under the popular ELE brand.
Ampere-e-mobility arm of an engineering company and a leading manufacturer of Cleantech Powertrain Solutions, Greaves Cotton will expand its presence in the fast disrupting e-rickshaw segment to become an integrated last-mile e-mobility player with a strong presence in both E-2W and E-3W. E-rickshaw is one of the largest and fastest-growing categories of electric vehicles in India. It offers clean, comfortable, and cost-effective mobility to customers and increases the daily earning potential of the driver community.
The company foresees rapid growth in this segment as affordable mobility needs to expand in the country, and as post-COVID thrust towards employment generation increases at the bottom of the pyramid. In addition to the B2C segment, with this acquisition, Ampere will also offer a complete product portfolio to its B2B customers. They have requirements for E-3W as well for both people and cargo mobility.
Commenting on this acquisition, Nagesh Basavanhalli, MD & CEO of Greaves Cotton and Director, Ampere Vehicles, 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 an uninterrupted journey, enhancing productivity across E-2W & E-3W spectrum. Combining Ampere's and Bestway's expertise will further boost the company's growth and strengthen market positioning as a leading E-Mobility business in India."
Speaking on this milestone, BVR Subbu, Chairman, Ampere Vehicles, said, "Within two years of Ampere acquisition by Greaves, the company has grown phenomenally and has achieved several milestones thereafter to become a preferred and affordable E-2Wheeler brand under personal mobility segment in the country. 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 and become a leading player in building and strengthening the country's EV ecosystem."
E-3Wheeler segment has registered rapid growth in the last five years, and Bestway's ELE e-rickshaw has been one of the top 3 brands in this organized segment in the high growth markets of Eastern India and Eastern UP. Bestway has a strong B2C presence in the mass market passenger segment and has recently entered new segments of cargo carrier and B2B commercial mobility with custom-built applications. The company has fit for purpose frugal manufacturing and ecosystem partnerships with financing companies and culture for serving customers at the bottom of the pyramid.
Ampere has over twelve years of experience in EV technology, designing, and manufacturing electric vehicles. With a strong base of 60000 customers with a comprehensive EV ecosystem support from Greaves, Ampere is making progress in creating an affordable & sustainable ecosystem for clean last-mile mobility in India.