Jindal Worldwide has forayed into the electric vehicle space with the acquisition of Mumbai-based EV startup Earth Energy via its subsidiary Jindal Mobilitric for an undisclosed amount.
With this acquisition, Jindal Mobilitric will take over the indigenously developed technology platform as well as Earth Energy's brands, Glyde SX and Glyde SX+ variants, of its commuter scooter and the Evolve R and the Evolve S commuter and cruiser motorcycles.
"Electric is the future of travel and we are happy to announce our foray into the electric vehicle segment. This acquisition will ensure that we make a strong start in our EV foray," said Gaurav Davda, spokesperson on behalf of Jindal Mobilitric.
Jindal Mobilitric will set up a new manufacturing plant in Ahmedabad which will supplement the existing Earth Energy manufacturing facility in Maharashtra, the company said in a statement.
"We are very happy to work with Jindal Mobilitric. Our vehicles have been put through 700,000 testing hours and the confidence shown in us is commendable as we work together to build the Indian EV infrastructure that is a reliable and efficient modern scooter that is made for the modern commuter," said Rushii Senghani, CEO and Founder, Earth Energy.
Earth Energy, operated by Grushie Energy Pvt. Ltd, was founded in 2017. It is an electric vehicle startup that manufactures and develops EV such as electric motorcycles, scooters, and autonomous vehicle drivetrains.
The startup has appointed distributors across 10 states including Maharashtra, Gujarat, Karnataka, Kerala, Tamil Nadu, Telangana, Andhra Pradesh, Chhattisgarh, Madhya Pradesh and Orissa, which will be retained by Jindal Mobilitric.
Jindal Mobilitric will also add new touchpoints by strengthening the distributor network in each market.
In July 2020, Earth Energy raised an undisclosed amount of funding in its seed round led by LR Joshi, Managing Director of Pranada Bio-Pharma, with other private equity investors.
Earlier, the startup raised capital from private investors and it was also part of the SmartCity Dubai Accelerator Programme in 2018.