Jindal Mobilitric Acquires Earth Energy EV to Enter Electric Vehicles Market

6 May, 2022 13:11 IST|Sakshi Post

Marking its entry into the electric vehicle (EV) sector, Jindal Worldwide, via its subsidiary Jindal Mobilitric, has acquired Mumbai-based EV startup Earth Energy EV.

As part of the acquisition, Jindal Mobilitric will take 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 release, without disclosing the financial details of the deal.

In addition, Jindal Mobilitric will also establish a new manufacturing plant in Ahmedabad which will supplement Earth Energy’s existing manufacturing plant in Maharashtra. 

Earth Energy has already appointed distributors in 10 states of the country, and Jindal Mobilitric would retain them. Besides, it will add new touchpoints by strengthening the distributor network in each market.

“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,” a Jindal Mobilitric spokesperson said. 

Founded in 2017 by Rushii Shenghani and Suresh Shenghani, Earth Energy manufactures electric vehicles for consumers and businesses. It manufactures almost 96% of its power solutions and components for its electric vehicles in-house. The startup has so far raised $2.5 Mn in investments since its inception in 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 led to a lot of safety concerns and affected consumer trust. However, EV sales continue to witness a major uptick in the country. 

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