Greaves Electric Mobility Limited - IPO

Incorporated in 2008, Greaves Electric Mobility Limited is engaged in the business of Electrical Vehicles (EV).

The company offers a full range of electric two-wheelers (E-2W) and three-wheelers (3W) for B2C and B2B customers. With over 16 years of experience, they have a strong presence in the E-2W industry.

The company offers a diverse range of electric two-wheelers (E-2W) and three-wheelers (3W), including high-speed, city-speed, and low-speed e-scooters, as well as electric and ICE three-wheelers for both cargo and passenger use.

The company holds over 5% market share in states like Tamil Nadu and Bihar. As of September 30, 2024, they have 309 E-2W dealers and 188 3W dealers, with a geographically distributed network across India.

The company focuses on in-house R&D, technology, and manufacturing to drive innovation and cost efficiency. By Fiscal 2027, they plan to establish an in-house battery pack assembly for improved quality and supply chain reliability.

• E-2Ws: The company focuses on E-2Ws, capitalizing on India’s growing middle class. Their diverse product portfolio, including the "Designed in India, Made in India" Nexus ST, caters to a wide range of customers, driving innovation and sales growth.
• L5 E-3Ws: The company’s L5 E-3W portfolio includes cargo and passenger models under the "Greaves ELTRA" brand. Their market share in the L5 3W diesel segment has increased from 0.2% to 3.5% between Fiscal 2022 and September 2024.
• ICE-3Ws: The company offers a range of ICE-3Ws, including diesel and CNG variants for cargo and passenger vehicles, sold under the "Greaves" brand.

As of September 30, 2024, the company had 411 permanent employees.

• Robust and diverse product portfolio spanning across all segments of E-2W and 3W catering to multiple-use cases.
• Deeply entrenched omnichannel distribution with a presence across India
• Robust customer care and service network focusing on delivering higher customer intimacy
• Strong development and design capabilities
• Capital-efficient and flexible operations
• Qualified workforce led by experienced and qualified management team and backed by a strong listed parent.