Motovolt has invested one million Euros as the first step in eROCKIT AG and plans to make further investments of around 10 million Euros in India for industrialization of eROCKIT products
Kolkata, March 24, 2023: Motovolt, one of India’s leading e-mobility brands, 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 their footprint globally for 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 the Indo-German trade and collaboration in the EV sector.
The Indian EV market is growing rapidly and over a million vehicles across all categories were sold last year. As a pioneer in the sector, 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 industrialisation of eROCKIT products.
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 knowhow 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 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 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 a 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.”
Motovolt was founded in Kolkata in 2018 by Tushar Choudhary and his family which is one of the leading electric mobility companies in India making multi utility e-bikes and e-scooters for the mass commuters in the micro mobility space. The two-wheeler product range of Motovolt stands for intelligent e-mobility solutions with cutting-edge technology and modern design supported by in-house manufacturing of battery packs and sourcing of all major components from India which is currently world’s third largest automotive component hub after US and China. Motovolt stands for sustainable mobility that has a positive effect on people’s lives. Within the coming years Motovolt plans to further invest around 40 Million Euros in the e-mobility business. India is one of the largest and fastest growing two-wheeler markets in the world. By 2030, the Indian government is aiming for a 30% share of electric vehicles.
In the global booming electromobility market, the eROCKIT is an extraordinary vehicle (light motorcycle / L3e / 125ccm category), which differs fundamentally from other vehicles thanks to its innovative e-pedal drive. The eROCKIT is intuitive to combine the experience of a performance motorcycle and an e-bike for a unique rider experience. This is made possible by Human Hybrid technology. eROCKIT AG is a joint-stock company managed under German law (district court Berlin-Charlottenburg HRB231453 B) and offers investors the special opportunity to invest in a German e-mobility company. eROCKIT AG holds 100% of the shares in eROCKIT Systems GmbH in Hennigsdorf near Berlin. The unique pedal-controlled electric motorcycle eROCKIT is built here. The eROCKIT Group team consists of first-class two-wheeler and automotive experts and a strong management. Richard Gaul, business consultant and formerly head of communications at BMW, is member of the supervisory board of eROCKIT AG.