today announced a USD50 million investment commitment from Luxembourg based GEM Global Yield LLC SCS ("GEM") as the company plans to go public.
The commitment will be made available on the first day of trading or in tranches to be drawn at the company's option over a three-year period. With certainty of the investment upon listing, GMW is now well-positioned to deliver on the company's vision of accelerating the world's transition towards smart and sustainable mobility.
GMW is a pioneer in the Indian electric mobility space, and is the largest exporter of electric 3Ws (or e-tuktuks) from India, with a presence in UK, France, Portugal, Japan, Uganda, Nepal and Bangladesh. GMW's SmartAuto is the first Indian e-3W to be European certified and is also the first e-3W to be designed with a modular battery swapping system.
The combined value of 3Ws and 3W refueling markets is at USD32 Billion. Several developing countries have a high rate of usage of three-wheelers, which were traditionally powered by IC engines. These markets are now looking at electric 3Ws as the future of intra-city mobility.
"This agreement with GEM is a validation of our position as a market leader in the affordable e-mobility space. We have indigenously designed a robust powertrain with proprietary battery swapping technology. Some of the global automobile majors are exploring technology partnerships with us to co-develop affordable mobility solutions," said GMW's CEO Raja Gayam.
GMW's clientele includes IKEA, Amazon, Uber, Flipkart (Walmart), Sokowatch, Grofers, BigBasket, Delhivery, and several others. The company also set up battery swapping and charging networks at these customer warehouses and distribution centers. "COVID-19 has caused a steep increase in e-commerce penetration globally. E-commerce firms and fleet operators find small commercial EVs to be an affordable and smarter way of moving goods around, as last-mile delivery accounts for the largest portion (~41 per cent) of supply chain costs. Now, we look to help drive the industry's inevitable electrification," said GMW's COO Sri Harsha Bavirisetty
The pandemic caused big shifts in the supply chain industry for many years to come. The global trend towards micro-fulfillment and distribution centers spread across the cities has laid the path for smaller commercial EVs due to faster pickup/deliveries and shorter distances.
GMW's future plans also call for the production of electric 4W trucks to follow from next year, which will have a longer range and larger volume. The vehicle will likely be designed with the same battery interface of their SmartAuto for swift battery swapping across multiple vehicle types.
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( With inputs from ANI )
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