BikeWo Green Tech Limited aims to operate a fleet of approximately 10,000 vehicles by FY 2026-27. The electric mobility company will use the preferential issue of warrants worth over Rs 76 crore to diversify beyond sale and distribution of EVs and develop an extensive network of two-wheelers, three-wheelers and four-wheelers, including commercial and passenger vehicles.
Hyderabad-based BikeWo Green Tech is counting on its BikeWo Ascend platform to transition from a multi-brand EV sales and retailing focussed company to a full EV lifecycle platform with assets, leases, fleets, mobility applications, operating partnerships, lifecycle platforms and technology enabled logistics.
While the company’s executives feel that the multi-brand EV retailing model is set to slow down, there is an increased institutional demand for logistics and fleets. The company is, therefore, looking to capture a larger share of the recurring revenue in the form of ownership and operations.
Chief Executive Officer Hiten Pal Saklani said, “BikeWo Ascend represents our desire to create a much bigger platform around electric mobility. We started with vehicles, but we feel there is a substantially bigger opportunity in the infrastructure and technologies that can make these vehicles more valuable and impactful in last-mile, mid-mile and long-mile mobility, enterprise mobility and specialised mobility.”
With a current rider and vehicle base of 2,500, BikeWo will target a much larger base in the current FY as it taps into newer verticals to scale up its operations. The initial step in this direction has been the commencement of hiring process for specialist electric tractors under a tie-up with Reliance Industries Limited’s Bio Energy Division. The contract with Reliance Bio Energy is valued at Rs 66.46 crore and runs through July 2033.
Electric tractors will be used for loaders, catchers and grabbers with driver and ancillary services support, indicating at potential foray into alternate energy and biomass space.
The preferential issue of warrants will allow the company to scale up its fleet and enhance core competencies in operations, technology and infrastructure and also explore strategic partnerships. In addition to enhancing its advisory services, BikeWo is looking to explore partnerships in AI enabled logistics platforms and multimodal opportunities to create an end-to-end mobility and logistics platform.
It should be recalled that BikeWo has identified a larger opportunity in the institutional logistics space. As institutional demand for EVs and connected logistics grows, the company will look to transition from a distributor to a full-fledged mobility platform in India.
Targeting a fleet size of 10,000 vehicles in FY27 will enable the company to meet its objective of capturing a larger share of the electric mobility market in the country.