Press Release

Ampere acquires 74% stake in E-Rickshaw Company Bestway

Ampere Vehicles, a wholly-owned electric mobility subsidiary of Greaves Cotton Ltd., announced the acquisition of Noida based E-3Wheeler company Bestway Agencies Pvt. Ltd.(BAPL) which sells E-Rickshaws under the popular ELE brand with 74% stake in the company, subject to customary closing conditions.

Through this acquisition, Ampere (an e-mobility arm of 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 and offers clean, comfortable, and cost-effective mobility to customers and also 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 be able to offer a complete product portfolio to its B2B customers who have requirements for E-3W as well for both people and cargo mobility.

Commenting on this acquisition, Nagesh Basavanhalli, MD & CEO of Greaves Cotton Ltd., 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 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.”

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 E2Wheeler 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 seen growth acceleration in the last few 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.

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