India: Ampere Vehicles buys e-rickshaw firm Bestway Agencies

India gate, New Delhi, India. Photo: Pixabay

Ampere Vehicles, the electric mobility subsidiary of Greaves Cotton, is acquiring a 74 per cent stake in e-rickshaw firm Bestway Agencies, per an announcement.

Greaves Cotton is a Mumbai-headquartered engineering company that manufactures engines and heavy equipment.

The acquisition will help spruce up Ampere’s expansion plans as it carves out its growth path in this fast disrupting segment in India and become an integrated last-mile e-mobility player.

Established in 2004, Bestway sells a range of e-rickshaws, thereby catering to the mass market passenger segment. It owns and operates the ELE brand.

The transaction is expected to close by the end of July. Going forward, next year April, Ampere Vehicles plans to acquire the remaining 26 per cent stake in Bestway.

“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 the country’s EV ecosystem,” said Ampere Vehicles Chairman B V R Subbu.

E-rickshaw is one of the prominent categories of EVs in India. Greaves Cotton’s interest in the sector highlights how traditional manufacturing companies are willing to bet big on it.

In 2018, Greaves had bought Ampere from a slew bunch of investors such as Tata Sons chairman emeritus Ratan Tata and Infosys co-founder Kris Gopalakrishnan – both of them had invested in the company in 2015. Gopalakrishnan, however, pumped in money yet again the following year.

Amongst other transactions in the sector, Indian two-wheeler manufacturer Hero MotoCorp Ltd has invested Ather Energy Pvt. Ltd, while TVS Motor has backed Ultraviolette Automotive Pvt. Ltd.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.