Electric two-wheeler mobility platform eBikeGo has acquired the rights to manufacture ‘Muvi’ electric vehicles (EVs) of Spanish automotive company Torrot in India, the company said in a statement on Tuesday.
Muvi electric vehicles will be manufactured and sold in India and across the world, the company said. eBikeGo aims to capture 5% of the two-wheeler electric vehicle manufacturing market, the company said.
This is the firm's third acquisition, the firm's spokesperson confirmed without divulging any financial details of the transaction.
In November, eBikeGo had acquired rights to manufacture the smart electric trike ‘Velocipedo’ of Torrot in India in a bid to enter the luxury electric three-wheeler market.
The Mumbai-based company, operated by Think Ebikego Pvt Ltd, said that it is optimistic and confident that Muvi will highly influence the adoption of EVs in India. Muvi is an IoT (internet of things) and AI (artificial intelligence)-enabled with various features. The bike can be monitored and controlled via smartphones, the company said. The Muvi EVs have a portable battery, allowing consumers to conveniently swap them at stations.
Torrot has invested heavily in research and development since 2015 for Muvi and thus the company caters to a global market, eBikeGo said. Muvi claims to have sold more than 30,000 units in Europe.
Many companies in India import kits from China, assemble them and then sell which degrades the perceived quality, eBikeGo said, adding that other home-grown EV companies are at their nascent stage and are still designing, prototyping, and validating the products, and thus scaling up will be a challenge for them. Muvi’s acquisition, will thus be advantageous for eBikeGo, the company said.
eBikeGo had recently made its first acquisition in tech firm Kustard Technologies for $2 million in a bid to build fleet management systems (FMS) to empower delivery firms such as Amazon, Flipkart and Big Basket with updated technologies.
Earlier this year, eBikeGo raised $1.5 million (Rs 11 crore) in a pre-Series A fundraising exercise. This was backed by Bollywood singer Sukhbir Singh, Quess Corp Ltd CEO Vijay Sivaram, Asian Institute of Technology’s Brahmanand Mohanty, and Mungo Befestigungstechnik AG chairman Alparslan Kutukcuoglu.
The electric vehicle sector has been attracting investors in the last few years. Some companies which invested in the EV sector in 2020 and this year include Ohm Mobility, aerial mobility firm The ePlane Company, electric scooter manufacturer Ather Energy.