Gayam Motor Works (GMW) has announced a US $50Mn investment commitment from Luxemberg based GEM Global Yield LLC SCS as the company plans to go public.
The commitment will be made available on the first day of trading or in tranches to be drawn at the company’s option over a three-year period.
GMW is the exporter of electric 3Ws (or e-tuktuks) from India, with presence in UK, France, Portugal, Japan, Uganda, Nepal and Bangladesh.
“This agreement with GEM is a validation of our position as a market leader in the affordable e-mobility space. We have indigenously designed a robust powertrain with proprietary battery swapping technology. Some of the global automobile majors are exploring technology partnerships with us to co-develop affordable mobility solutions,” said GMW’s CEO Raja Gayam.
GMW’s clientele includes IKEA, Amazon, Uber, Flipkart (Walmart), Sokowatch, Grofers, BigBasket, Delhivery, and several others. The company also set up battery swapping and charging networks at these customer warehouses and distribution centers.
“COVID-19 has caused a steep increase in ecommerce penetration globally. E-commerce firms and fleet operators find small commercial EVs to be an affordable and smarter way of moving goods around, as last-mile delivery accounts for the largest portion (~41%) of supply chain costs. Now, we look to help drive the industry’s inevitable electrification,” said GMW’s COO Sri Harsha Bavirisetty.
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.