Greaves Electric Mobility

What Greaves Electric Mobility does

Greaves Electric Mobility Limited (GEML) is the electric-mobility arm of the 160+ year-old Indian conglomerate Greaves Cotton Limited, focused on designing, manufacturing, and distributing electric two-wheelers and three-wheelers for mass-market Indian consumers and commercial fleets. The Ampere sub-brand anchors a broad E2W portfolio spanning entry-level scooters (Reo VYB at ₹69,499, exempt from licence/registration), mid-range commuters (Magnus Neo at ₹86,999, Magnus G Max at ₹94,999, Magnus Grand), and premium family scooters (Nexus from ₹1,09,900), while the Ele and Greaves 3W sub-brands serve e-rickshaw and last-mile logistics segments with vehicles such as the Eltra City XTRA (₹3.57 lakh, 324 km India-record range). All products run on LFP battery chemistry with up to 10-year lifespan, IP67 rating, and operation from -40°C to 60°C; premium SKUs are software-defined, integrating Sibros' Deep Connected Platform for OTA updates, predictive maintenance, and remote diagnostics, with the upcoming 6th Generation scooter adding AI/ML-enabled prognostics.

GEML operates three manufacturing plants (Ranipet, Hyderabad, Noida) and sells through 400+ dealer/service touchpoints in India plus international distribution in Nepal. Revenue is primarily hardware-driven (FY26 revenue of ₹786 crore, +19% YoY), supplemented by Drive-to-Own B2B fleet deployments via Alt Mobility and TriEV, financing referral income through Perpetuity Capital and Shriram Green Finance, and emerging international contribution (13% of core revenue). Customers are predominantly retail and SMB (3 lakh+ users) in Tier I-III India, alongside enterprise fleet accounts; the broader Greaves Cotton group retains majority ownership while Abdul Latif Jameel holds 35.8% following a US$150 million investment at a US$419 million post-money valuation, and GEML has filed a DRHP with SEBI for a ~₹1,000 crore IPO.

Name

Greaves Electric Mobility

Legal name

Greaves Electric Mobility Ltd.

Website

https://greaveselectricmobility.com

Company type

Private

Founded year

2008

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Greaves Electric Mobility is an Indian EV manufacturer (subsidiary of Greaves Cotton) producing LFP-powered electric two-wheelers (Ampere), e-rickshaws (Ele), and three-wheelers (Greaves 3W) for mass-market retail, families, and B2B last-mile fleet operators, distributed through 400+ dealers in India and Nepal.

Ownership category

akta.pro rank

Product category

Electric Vehicles

NAICS

Motor Vehicle and Motor Vehicle Parts and Supplies Merchant Wholesalers (4231), Motorcycle, ATV, and All Other Motor Vehicle Dealers (441227)

SIC

Motorcycles, Bicycles & Parts (3751), Wholesale-Motor Vehicles & Motor Vehicle Parts & Supplies (5010)

akta.pro primary industry

Electric Motorcycles & Electric Scooters Manufacturing (IMACAEAB)

akta.pro secondary industries

E-scooters & E-mopeds Manufacturing (IMACAOAB), E-Scooters (Stand-Up) (CRACASAB), E-Mobility Connectivity, Apps & Anti-Theft Tracking (consumer devices/services) (CRACASAM)

Keywords

• Electric two-wheelers
• Electric three-wheelers
• Last-mile mobility
• LFP battery vehicles
• EV manufacturing

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices7 records

Markets served

GTM type

B2C

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Marketing or Sales, Technology or R&D, Personnel, Infrastructure

Revenue model

1. Electric Two-Wheeler Sales: The primary revenue stream comes from manufacturing and selling electric two-wheelers under the Ampere brand. Products are sold through dealer network and direct B2B channels targeting mass-market consumers, families, daily commuters, and fleet operators. The company achieved 51% YoY volume growth in FY26 with 61,597 E-2W registrations.
2. Electric Three-Wheeler Sales: Revenue from electric three-wheelers including passenger (Ele, Eltra) and cargo variants under the Greaves 3W brand. The company achieved 17% volume growth in the electric three-wheeler segment in FY26, targeting commercial operators and last-mile logistics.
3. Fleet/Leasing Revenue: Revenue generated through B2B fleet partnerships with companies like TriEV and Alt Mobility, where EVs are supplied and leased to fleet operators under 'Drive-to-Own' models. Supports deployment for last-mile delivery and logistics operations.
4. Financing Partnerships: Commission-based revenue from financing partnerships with Perpetuity Capital, Shriram Green Finance, and others that provide retail financing for two-wheelers and three-wheelers, enabling more customers to afford EVs through low interest rates and flexible EMI options.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels6 records

Core offering

Greaves Electric Mobility designs, manufactures, and sells electric two-wheelers and three-wheelers in India under the Ampere, Ele, and Greaves 3W sub-brands. The portfolio spans entry-level low-speed scooters (Reo VYB), family and commuter scooters (Magnus series, Nexus, Primus), and electric three-wheelers for passenger (Eltra City XTRA) and cargo (Eltra, Xargo) applications, all powered by LFP battery technology. Products are sold through 400+ dealer touchpoints and B2B fleet partnerships across India, with select models also distributed in Nepal.

Product overview

Greaves Electric Mobility Limited (GEML) operates a multi-brand electric vehicle portfolio across electric two-wheelers and three-wheelers, structured around three primary sub-brands: Ampere (E2W scooters), Ele (E3W rickshaws), and Greaves 3W (commercial E3W). The company also holds subsidiaries MLR Auto Limited and Bestway Agencies Private Limited. The Ampere E2W portfolio spans entry-level models (Reo VYB, Reo 80), mid-range commuters (Magnus EX, Magnus Neo, Magnus Grand, Magnus G Max), and performance/family scooters (Primus, Nexus), all using LFP battery technology. The Greaves 3W portfolio includes the Eltra cargo three-wheeler and Eltra City XTRA passenger three-wheeler, with concept vehicles like Xargo and Xyber unveiled at Auto Expo 2025. Products are distributed through 400+ dealer touchpoints across India, supported by connected vehicle technology (Sibros platform for OTA updates and predictive maintenance), and funded in part by a planned IPO. Greaves Electric Mobility has filed a DRHP with SEBI for an IPO to raise approximately ₹1,000 crore.

Differentiator

Problem solved

Functional benefit

Brands

• Ampere: India's leading e-scooter brand for everyday mobility and urban commute
• Ele
• Greaves 3W
• Teja Vehicles
• Ampere Nexus
• Ampere Magnus
• Ampere Primus
• Greaves Eltra
• Eltra City XTRA
• Ampere Reo

Quantifiable outcome

• 51% year-on-year volume growth in FY26 with 61,597 E-2W registrations
• +5 more outcomes

Named customers4 records

Segments5 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

AI capability6 records

Feature5 records

Partnerships

Twelve partnerships are on record, tiered core and minor.

• STC Auto Solution Private LimitedcoreChannel Partner/ Reseller/ Distributor · 26 February 2026Local distributor partner for Greaves Electric Mobility's entry into Nepal market. Launched Ampere Nexus electric scooter in Nepal, targeting riders who navigate challenging terrains and high-altitude locations including Shipki La Pass (13,200 feet above sea level).
• SibroscoreTechnology or Integration · 10 December 2025Technology partnership integrating Sibros' Deep Connected Platform into Ampere electric bikes. Enables real-time data logging, over-the-air software updates, predictive maintenance, remote diagnostics, and secure diagnostics. Ram Rajappa, COO stated partnership will help Ampere riders benefit from continuously optimized bikes.
• Alt MobilitycoreStrategic or Co-development Partner · 1 December 2025Fleet leasing partnership expanded to scale commercial EV fleet deployment across India. Over 700 Ampere Magnus SW S scooters supplied for last-mile delivery operations, supported by energy infrastructure from Indofast Energy. Operates under 'Drive-to-Own' model for fleet operators.
• HOWL DigitalcoreGTM or Marketing Partner · 1 December 2025Full-stack marketing mandate partnership to develop and execute 360-degree marketing strategy aimed at boosting sales and expanding market share for Greaves in India's growing EV sector. Both companies highlighted strategic importance of digital marketing in accelerating India's transition to electric vehicles.
• Perpetuity CapitalcoreStrategic or Co-development Partner · 28 October 2025Retail EV financing partnership offering up to 90% financing on electric two-wheelers and three-wheelers. Provides customers low interest rates and flexible EMI options to increase EV affordability and adoption across India.
• Shriram Green FinanceminorStrategic or Co-development Partner · 1 October 2025Financing partnership to boost EV accessibility in India, providing retail financing options for Greaves Electric Mobility's two-wheeler and three-wheeler portfolios.
• TriEVcoreChannel Partner/ Reseller/ Distributor · 1 September 2025B2B fleet partnership for scaling EV fleet operations targeting last-mile delivery segment. Deepened collaboration to expand EV deployment for commercial logistics operations in India.
• Indofast EnergyminorOthersEnergy infrastructure partner supporting Alt Mobility fleet deployments with charging infrastructure for electric scooters deployed for last-mile delivery operations.
• Royal Challengers Bangalore (RCB)minorGTM or Marketing PartnerAmpere was Official EV Partner of Royal Challengers Bangalore cricket team. Partnership included limited edition RCB-themed Ampere Primus electric scooter launch and brand visibility during IPL season.
• ReadyAssistminorImplementation/ SI/ Consulting PartnerPartnership to bring full-stack after-sales services to fleet customers, ensuring minimal downtime for commercial EV operations.
• Readily MobilityminorImplementation/ SI/ Consulting PartnerPartnership to provide comprehensive after-sales services for fleet customers supporting Greaves Electric Mobility's commercial vehicle operations.
• Siemens XceleratorcoreTechnology or IntegrationStrategic partnership to accelerate EV development using Siemens Xcelerator portfolio for product design and development of electric two- and three-wheelers.

Scale indicators15 records

Recent moves8 records

Expansion highlights7 records

Direct peers

• Ather Energy: Listed Indian E2W specialist with comparable software-defined vehicle capabilities, premium positioning, and connected-vehicle stack; competes with Ampere in the family/premium scooter segments.
• Bounce Infinity: Indian electric scooter maker with both retail and B2B fleet/swapping models, directly comparable to GEML's fleet leasing strategy and low-cost scooter positioning.
• Ola Electric: India's largest electric two-wheeler manufacturer by volume, directly competing with Ampere in the sub-₹1 lakh and premium scooter segments through the S1 range.
• Mahindra Electric (Last Mile Mobility): Indian E3W leader (Treo, Zor) directly competing with Greaves Eltra and Ele in cargo and passenger three-wheeler segments; benefits from group-level scale.
• Hero Electric: Pure-play Indian E2W brand focused on affordable electric scooters; competes head-to-head with Ampere Reo, Magnus, and Nexus in similar price bands.

Broad incumbents

• TVS Motor Company: Diversified two-wheeler OEM whose iQube electric scooter competes directly with Ampere Magnus and Nexus while leveraging massive ICE scale and dealer network.
• Hero MotoCorp (Vida): Incumbent scooter/motorcycle leader whose Vida electric brand targets the same mass-market E2W buyer as Ampere, leveraging Hero's unmatched rural and Tier II/III dealer reach.
• Piaggio Vehicles (Ape' E-City): Commercial three-wheeler OEM with electric Ape' variants; competes with Greaves 3W in cargo and passenger electric rickshaw markets.
• Bajaj Auto: Largest Indian two-wheeler OEM; Chetak Electric competes with Ampere in the family scooter segment and brings significant scale advantages in manufacturing and distribution.

Emerging players

• Euler Motors: Emerging electric three-wheeler cargo OEM (HiLoad EV) targeting the same last-mile logistics customers as Greaves Eltra and Xargo with similar payload-range specs.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/UCxR5fGkP1eKlB5xR4Fq8v8g
• Facebookfacebook.com/GreavesElectricMobility
• LinkedInlinkedin.com/company/greaves-electric-mobility

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries2 records

Funding overview

Funding rounds1 record

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Greaves Electric Mobility