Electric One Mobility forms a joint venture in Sri Lanka with former cricketer Arjuna Ranatunga
- ByStartupStory | January 23, 2023
Electric vehicle superstore chain Electric One Mobility has formed a joint venture with great cricketer Arjuna Ranatunga to enter the island nation’s electric two-wheeler sector, the company announced in a statement.
According to the first agreement signed by the two partners, the joint venture (JV) would establish over 50 co-branded retail shops across Sri Lanka over the next five years, with the first flagship store anticipated to open next month.
The JV will invest around USD 5 million over the following three years, beginning with retail and distribution in the first phase and moving on to local assembly and production of two-wheelers in the second.
The JV would draw strength and synergies from both partner firms to aspire for the pole position in the Sri Lankan EV market, it said, adding that it will have nine offices across the country with several outlets in each area over the next two years.
Dhiraj Tripathi, co-founder and COO, Electric One Mobility Pvt Ltd said, “Electric One plans to expand its operations into international markets of Africa, Middle East and South Asia. On our debut international venture, we are partnering with Ranatunga who shares our vision for green mobility. We will be announcing our partnerships for Nepal, GCC countries, and some key African markets soon.”
According to the company, Ranatunga, who is also in the solar energy sector, has a huge network of branch offices that will promote, sell, and distribute Electric One’s bikes and scooters.
”We have been involved in solar and mini hydros for the last few years. The main reason for us to get into EVs is to reduce carbon footprint and give our future generations a clean country and a clean world,” said Ranatunga.
“This JV is going to be a major milestone for both India and Sri Lanka in the EV space. The new innings at Sri Lanka with Ranatunga is going to shape the way of mobility in Sri Lanka providing citizens an affordable mode of personal transport. We are looking forward to hitting a century of stores across Sri Lanka under this JV,” said Amit Das, founder and CEO, Electric One Mobility.
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