Electric vehicle manufacturing company e-Ashwa Automotive has acquired 100% stake in Stripes Motors. The latter sells electric 2-wheelers under the Stripes brand in North-East India. The commercials of the acquisition deal were not revealed by either of the parties.
North-East India is one of the key target markets for the company, noted Vikas Gupta, Founder & CEO, e-Ashwa Automotive. He said, 'With this strategic acquisition, e-Ashwa will expand its operation and strengthen its foothold in North-East India and expand its dealership network in order to provide affordable and smooth last mile mobility for the people of North-East India.'
The company has also gained access to three exclusive models of electric 2-wheelers sold by Stripes in the North-Eastern States of India. e-Ashwa had also launched 12 different models of electric 2-wheelers last year and has few electric 3-wheelers models under its own brand.
The company claims to have sold 18,000 EVs under different categories - e-scooters, e-motorbikes, e-loaders, e-food cart to e-garbage vehicles, so far. It has assembly units in 16 states with a dealership network of over 950 across the country.