India’s Gayam Motor Works (GMW) says it’s planning on going public via special acquisition company SPAC merger or a traditional IPO. It’s also announced a $50 Million investment commitment from Luxembourg based GEM Global Yield LLC SCS.
GMW is the largest exporter of electric 3Ws (or e-tuktuks) from India, with presence in UK, France, Portugal, Japan, Uganda, Nepal and Bangladesh.
GMW’s SmartAuto is the first Indian e-3W to be European certified, and is also the first e-3W to be designed with a modular battery swapping system.
Its customers include IKEA, Amazon, Uber, Flipkart (Walmart), Sokowatch, Grofers, BigBasket, Delhivery, and several others.
GMW’s CEO, Raja Gayam, says: “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.”
GMW’s COO, Sri Harsha Bavirisetty, adds: “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.”
GMW’s future plans also call for the production of electric 4W trucks to follow from next year, which will have longer range and larger volume.