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Bangalore based electric two-wheeler manufacturer, Ampere Vehicles, announced the acquisition of Noida based E-3Wheeler company Bestway Agencies Pvt. Ltd. (BAPL). The two-wheeler company has bought 74 per cent stake in BAPL.
Bestway is known for its E-Rickshaws that are currently sold under the popular ELE brand. With the acquisition, the company aims to increase its presence in the fast-developing E-Rickshaw segment. It also aims to become an integral last-mile electric mobility company with a strong presence in both two-wheeler and three-wheeler space.
According to the company, electric rickshaw is one of the largest and fastest-growing segments in India. It and offers environmentally friendly and cost-effective mobility to customers which will also increase the earnings for the driver community.
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 an uninterrupted journey, enhancing productivity across E-2W & E-3W spectrum. Combining Ampere's and Bestway's expertise will help in further boosting the company's growth and strengthen market positioning as a leading E-Mobility business in India."
Apart from catering to direct customers, the company aims to target other business with requirements for electric three-wheelers. With this acquisition, Ampere will also be able to offer a complete product portfolio to its B2B customers for both people and cargo mobility.
Speaking about Bestway's e-rickshaws, it has been among the top three brands in markets of Eastern India and Eastern UP. The Noida-based company has a strong customer base in the mass market passenger segment. Also, It has recently entered new segments of cargo carrier and B2B commercial mobility with custom-built applications.
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."
In related news, Ampere recently launched its flagship electric scooter called the Magnus Pro. We have had the chance to ride the electric scooter and bring to you the initial impressions. To know more about the first ride review of the Ampere Magnus Pro electric scooter — click here.
Thoughts About The Ampere Acquiring Stakes In Bestway To Enter E-Rickshaw Space
The electric vehicle growth in the commercial vehicle segment is at a rapid space with more products cropping up from various start-ups and mainstream auto manufacturers. This has led to companies increasing its presence in EV space particularly by catering to the rising demand for electric rickshaws.