Jindal Mobilitric Acquires Electric Vehicle Startup Earth Energy
- ByStartupStory | May 6, 2022
Jindal Worldwide, via its subsidiary Jindal Mobilitric, announced that it has acquired Mumbai-based EV startup Earth Energy EV. As part of this acquisition, Jindal Mobilitric will be taking over Earth Energy’s commuter scooter brands – Glyde SX, Glyde SX+, and commuter and cruiser motorcycle brands – Evolve R and Evolve S, Jindal Worldwide said in a press release.
The acquisition mark’s the company’s foray into the electric vehicle (EV) sector. In addition, Jindal Mobilitric will also be establishing a new manufacturing plant in the city of Ahmedabad, which will supplement Earth Energy’s existing manufacturing plant in Maharashtra. Earth Energy has already appointed distributors in 10 states in India, and Jindal Mobilitric would be retaining them. Besides, it will also add new touchpoints by strengthening the distributor network in each market.
Commenting on the recent development, a Jindal spokesperson said, “Electric is the future of travel, and we are happy to announce our foray into the electric vehicle segment. This acquisition will ensure that we make a strong start in our EV foray”.
Earth Energy, founded in 2017 by Rushii Shenghani and Suresh Shenghani, manufactures electric vehicles for consumers and businesses. The company manufactures nearly 96% of its power solutions and components for its electric vehicles in-house. The startup has so far raised an astounding USD 2.5 Million in investments since its inception in the year 2017.
Jindal Worldwide’s foray into the EV segment comes at a time when the industry is witnessing a major upheaval. Incidents involving EVs catching fire have affected consumer trust. However, EV sales continue to witness a major surge in the country.
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