Abdul Latif Jameel, Saudi Arabia has announced in a statement, for its commitment to invest in Greaves Electric Mobility, one of India’s leading two-to-three-wheeler mobility players.
Abdul Latif Jameel has committed to invest up to US$ 220 million [INR 1700 Crores] in Greaves Electric Mobility, marking one of the largest investments in the Indian two-to-three-wheeler space to date.
Abdul Latif Jameel will initially invest US$ 150 million [INR 1160 Crores] for a 35.8% fully diluted stake in the company making it the second-largest shareholder in Greaves Electric Mobility.
Greaves Electric Mobility is a subsidiary of one of India’s leading diversified engineering businesses, Greaves Cotton Ltd, and offers affordable, cleaner alternatives with credible technology stack and after sales support for personal mobility that are accessible to communities in India. Furthermore, the company has emerged as one of the fast-growing EV brands in the country, with retail sales of Greaves Electric Mobility standing at over 62,000 vehicles for the financial year 2022, which is a 128% increase from the previous year.
This venture is anticipated to accelerate Greaves Electric Mobility’s transition into the next phase of growth. In addition, it will also help in enhancing the competitiveness of the company in terms of product and market reach.
This deal marks a major milestone in the development of the electric two and three-wheeler ecosystem in India. Greaves Electric Mobility will use the funds from the investment in new products, associated technologies, brand building and enhance manufacturing capacity that will not only strengthen the company’s market position but will also make it a highly admired EV Company in the country.
Currently, Greaves Electric Mobility manufactures electric two-wheelers under the brand name of Ampere Vehicles and three-wheeler vehicles (E-Auto and E-Rickshaw) under the mobility brands Ele and Teja, respectively.