GMW receives $50 million investment commitment
Hyderabad: Hyderabad-based Gayam Motor Works (GMW) announced a $50 million (over Rs 360 crore) investment commitment from Luxembourg-based GEM Global Yield 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 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.
The combined value of 3Ws and 3W refueling markets is estimated at $32 billion. Several developing countries have a high rate of usage of three-wheelers, which were traditionally powered by IC engines. These markets are now looking at electric 3Ws as the future of intra-city mobility.
“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 also plans to get into the production of electric 4W trucks to follow from next year, which will have longer range and larger volume. The vehicle will likely be designed with the same battery interface of their SmartAuto for swift battery swapping across multiple vehicle types.
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