Motovolt Acquires Stakes Of German Electric 2W OEM eRockit
Motovolt has invested 1 million Euros as the first step in eRockit AG and plans to make further investments of around 10 million Euros in India for the industrialisation of eRockit products
Photo Credit : Motovolt,
Motovolt has become the first Indian EV startup to have undertaken a strategic M&A with a German electric 2-wheeler OEM, eRockit AG. This marks Motovolt’s first step towards expanding its footprint globally for the sales and distribution of its electric mobility solutions. The initial investment of one million Euros is aimed at strengthening the product development and production of eRockit’s premium models at their manufacturing site in Berlin, Germany. The deal is also a push towards Indo-German trade and collaboration in the EV sector.
Speaking about this, Tushar Choudhary, Founder & CEO, Motovolt, said, “The deal with eRockit is going to make a major impact on the Indian markets and transform the 2-wheeler segment. Our aim is to benefit from eRockit’s know-how to develop relevant product solutions for Indian consumers. For instance, Motovolt intends to redefine motorcycle as a category in India by significantly boosting user experience through the usage of eRockit’s technology platform such as their futuristic drivetrains and the excellence of German engineering. We will also be focusing on extensively manufacturing eRockit’s products domestically under the ‘Make in India’ initiative and set up a global footprint for the sales and distribution of our products globally. This alliance is a major accomplishment in our journey towards building a strong and reliable international brand with very high growth potential.”
Adding further, Andreas Zurwehme, Chairman eRockit AG said"I am pleased to have Motovolt as a strong shareholder in the company. The investment accelerates eROCKIT's expansion plans as a vehicle manufacturer and technology provider. It's a strong signal for our shareholders. We are open to further investors."
The Indian EV market is growing rapidly and over a million vehicles across all categories were sold last year. Motovolt’s emphasis has been on plugging the affordable micro-mobility segment in the country. Through this strategic alliance, Motovolt also aims to leverage eRockit’s tech stack to enhance the entire range of Motovolt products. Motovolt aims to invest around 10 million Euros for the industrialisation of eROCKIT products.
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