INDIA: EMotorad, India’s fastest-growing e-bike startup has acquired Panine at an undisclosed amount. With this acquisition of Panine, the country’s first EV fast-charging network, they plan to develop a presence in the electric mobility ecosystem.
The acquisition allows EMotorad to offer Panine an international platform and reach for its battery technology. This battery technology has been developed after extensive research and understanding of challenges that localized Indian conditions pose to battery life in EVs. The acquisition also facilitates necessary muscle power to Panine allowing it to grow to the next level while improving EMotorad’s own battery technology capabilities.
EMotorad, bootstrapped in 2020 has successfully established its niche in the Indian market along with a successful foray into the UAE, Nepal, and Japan markets. They are also planning to enter the US market with their products soon.
Panine’s core stability will remain intact with Sachin Kumar, Co-founder, and CEO, and Nitesh Pandey, Co-founder and COO continuing to lead the company ahead, as both teams EMotorad and Panine work together to grow and develop further. Following the acquisition, Sachin Kumar takes over as Head of Technology, Nitesh Pandey will be the Vice President – Sales, while Ramya Sharma will be the Head of Software Engineering and AI Platforms.
For EMotorad, which has concentrated on certain form factors, this acquisition will lead to creating multiple products or form factors in the time to come. The present range of e-bikes from EMotorad includes the EMX, T-Rex, Glyder, Xplorer, Dolphin, Doodle, Trible, and Ener-G.
Co-founded by Sachin Kumar and Nitesh Pandey in 2018, the Delhi-based Panine has within its three-and-a-half-year-old journey of the EV infrastructure services ecosystem mastered the area of battery technology with its products meeting design objectives of safety, long-life, and hyper-performance.
Panine’s Ultra-Fast Charging Battery Tech is based on an infra-light model which makes it easier to integrate the technology with the vehicles so that it adds value to the end consumer. Panine has also built an associated AI engine-driven platform called Romosa that works on battery life estimation, preventive maintenance, performance enhancement, etc.
As an organization, EMotorad with its founders – Rajib Gangopadhyay, Kunal Gupta, Aditya Oza, and Sumedh Battewar has seen its employee strength go from 18 to 125 in 3 months, a year-on-year (YOY), amid a revenue growth of 650% and a 6-month growth-in-valuation of 3000%.
“We are extremely pleased to have Panine under EMotorad’s fold. Carrying out this acquisition was easy and simple as we saw the founders match our thoughts and vision. The coming together of the two is a meeting place of ethics and values and offers the kind of industry impact that we wanted to bring across. Panine has mastered the data co-ordinated hardware space which is critical to battery technology and shall operate as a brand under the EMotorad umbrella while also helping develop our battery technology,” said Kunal Gupta, CEO & Co-founder of EMotorad.
“Panine is an infra-light platform built with machine learning algorithms and AI, which is the ultimate deciding factor in understanding battery performance. Our work in the area of data coordinated hardware has led to the creation of India’s first EV fast-charging network. We have seen EMotorad’s journey closely and its acquisition of Panine will take both businesses to greater heights in the time to come,” added Sachin Kumar, Panine CEO and incoming Head of Technology.
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