Vadodara (Gujarat) [India], March 25 (ANI/BusinessWire India): Wardwizard Innovations & Mobility Limited. (BSE Code: 538970), the first-ever company listed on BSE in the electric vehicle category, is striving to capture 25 per cent of the entire EV vehicle market in India. With a market capitalization of more than INR 1800 crores, Wardwizard is ushering in a new era for the Indian economy.
The company has established a high-tech OEM plant with a production capacity of 9000 vehicles per month in Vadodara and has 4 new high-speed bikes in its range. Wardwizard had recently announced the company stock split in the ratio 1:10 and the resolution has been approved by shareholders in the general board meeting.
Yatin Gupte, Chairman and Managing Director, Wardwizard Group said, “We have been growing steadily over the last twelve months. This stock split reflects our confidence in our long-term growth, and we believe it will make the Company’s stock more accessible to the public. Our fundamentals are strong and small investors looking to diversify will benefit. We are positive about the EV market in India as the potential is tremendous. The market is vast and we are ready for it.”
Under the Make In India initiative, the company has launched their own first-ever OEM plant in Vadodara, Gujarat, which was inaugurated by Honourable Home Minister Amit Shah, moving the nation closer to Atmanirbhar Bharat. Through this plant, Wardwizard is committed to empowering more than 2500+ entrepreneurs in 2021-2022 and many rising electric vehicle brands to get the units manufactured and assembled locally reducing the major costs involved.
Gupte further added that “The new plant has the capacity to manufacture over 1 lakh electric two-wheelers in a single shift; plant is equipped to produce 3-4 lakh units per year in full capacity. With the escalating demand for electric bikes, we anticipate to seize a 25 per cent market share of the overall EV two-wheeler segment by the year 2025. In the next 3-4 years, the company has set a revenue target of Rs. 500 – 600 crore; enter the three-wheeler in the EV segment as well as expand the footprint to Europe, Africa, Middle East.”
The BSE listed company headquartered in Vadodara began their journey in the year 2016, under the leadership of Yatin Gupte by revolutionizing the electric vehicle industry under the brand Joy e-bike and household appliances industry under Vyom Innovation. Starting in Vadodara, they have gone beyond the international borders and today they have spread their presence in Uganda, Africa.
Wardwizard initiated the transformation in the two-wheeler segment by manufacturing innovative electric bikes under the brand name Joy e-bike. The brand entered the market with two low-speed models Nanu E-Scooter Honeybee and Nanu E-Scooter Butterfly.
In no time, Joy e-bike has become the first-ever electric bike manufacturing brand to introduce 8 plus EV models in the market, including 4 highspeed offerings. In 2019 they introduced Gen NxtNanu e-scooter, Wolf, Glob, Monster, which require no license or registration. The first high-performance offering- the E-Monster, was launched in the summer of 2020. In 2021, Wardwizard raised the bar by launching 4 new high-speed models – Hurricane, Thunderbolt, Skyline and Beast. Apart from the attractive looks, these bikes are packed with the latest EV technology along with powerful IoT sensors and Artificial Intelligence.
This story is provided by BusinessWire India. ANI will not be responsible in any way for the content of this article. (ANI/BusinessWire India)