e-Ashwa Automotive acquires 100% stake in Electric 2W company Stripes Motors

0

Strengthens its presence e in North-East India

New Delhi, 25 th July 2022: e-Ashwa Automotive Private Limited, one of the leading and fastest growing electric vehicle
manufacturing brands in the country, has announced 100 per cent acquisition of Stripes Motors Pvt. Ltd. which sells electric
2-Wheelers under the popular Stripes brand in North-East India.
Stripes Motors is one of the fastest growing companies of electric vehicles in Assam & North East India. They deal in Electric
Bicycle and Electric Bike. The brand is very popular amongst the young generation of Assam and North East due to its stylish
models and innovative designs.
Speaking on this acquisition, Vikas Gupta, Founder & CEO, e-Ashwa Automotive, said, “North-East India is one of the key
target markets for e-Ashwa. With this strategic acquisition, e-Ashwa will expand its operation and strengthened its foothold
in North-East India and expand its dealership network in order to provide affordable and smooth last mile mobility for the
people of North-East India. With this acquisition, e-Ashwa will have access to three exclusive models of electric 2-Wheelers in
its kitty by Stripes Motors and thereby enhancing the bouquet of e-Ashwa products to its customer with a wide variety of
models and product ranges in electric vehicles.
e-Ashwa has also launched 12 different models of electric 2-wheelers last year and has few electric 3-wheelers models under
its own brand e-Ashwa. Under electric 3-wheelers, e-Ashwa has its own model of e-Rickshaw, e-Loader and e-Auto apart
from vehicles like e-Cargo, e-Garbage, e-School van and the like in the 3-wheelers verticals.
For the last 4 years, e-Ashwa has been selling EV products and has so far setup 26 Assembly units at various parts of the
country with 750+ team members from technical and support function background including dedicated Research and
Development people. Till date, it has sold over 18,000 EV products under different categories – e-scooters, e-motorbikes, e-
loaders, e-food cart to e-garbage vehicles. It has assembly units in 16 states with a strong dealership network of over 950
dealers across the country.