Electric mobility startup Motovolt on Friday said it has acquired an undisclosed stake in German electric two-wheeler maker eROCKIT AG for 1 million euros (nearly Rs 9 crore).
The company plans to further invest around 10 million euros (nearly Rs 90 crore) in India for industrialisation of the latter's products, Motovolt said in a statement.
"The deal with eROCKIT is going to make a major impact on the Indian markets, and transform the two-wheeler segment. Our aim is to benefit from eROCKIT's knowhow to develop relevant product solutions for Indian consumers," Motovolt Founder & CEO Tushar Choudhary said.
Motovolt intends to redefine the electric motorcycle category in India by significantly boosting user experience through usage of eROCKIT's technology platform such as their futuristic drivetrains and the excellence of German engineering, he added.
"We will also be focusing on extensively manufacturing eROCKIT's products domestically under the 'Make in India' initiative and setup a global footprint for sales and distribution of our products globally," Choudhary said.
eROCKIT AG Chairman Andreas Zurwehme said, "The investment accelerates eROCKIT's expansion plans as a vehicle manufacturer and technology provider. It's a strong signal for our shareholders. We are open to further investors.
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