Posted by Priya Singh On 02-Aug-2022 05:12 AM
The new acquisition will bolster the company's footprint in eastern India, as it bets big on the speedy transition to EVs.
Stripes Motors, which distributes electric 2-wheelers under the popular Stripes brand in North-East India, has been acquired entirely by e-Ashwa Automotive, one of the country's top and fastest growing electric vehicle manufacturing firms.
Stripes Motors is one of the fastest-growing electric vehicle start-ups in Assam and North East India. They sell electric bicycles and electric motorcycles. Because of its attractive models and original designs, the brand is quite famous among the young generation of Assam and the North East.
Speaking on the acquisition, Vikas Gupta, Founder & CEO of e-Ashwa Automotive, stated, "North-East India is one of e-primary Ashwa's target areas With this strategic acquisition, e-Ashwa will extend its operations and deepen its footing in North-East India, as well as develop its dealership network, to deliver inexpensive and easy last-mile mobility to the people of North-East India. With this acquisition, e-Ashwa will gain access to three exclusive models of electric 2-Wheelers from Stripes Motors, increasing the bouquet of e-Ashwa products to its customers with a diverse range of models and product ranges in electric cars."
Last year, e-Ashwa debuted 12 distinct kinds of electric 2-wheelers and has a few electric 3-wheeler models under its brand. In the 3-wheelers vertical, e-Ashwa has models such as e-Rickshaw, e-Loader, and e-Auto, as well as vehicles such as e-Cargo, e-Garbage, and e-School van.
e-Ashwa has been selling EV goods for the previous four years and has so far established 26 Assembly units in various areas of the country with 750+ team members from technical and support function backgrounds, including dedicated Research and Development personnel. It has sold approximately 18,000 EV items in several categories, including e-scooters, e-motorbikes, e-loaders, e-food carts, and e-garbage trucks. It has production plants in 16 states and a large dealer network of over 950 dealers across the country.
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