eBikeGo's Subsidiary Vajram Electric Acquires 40% Stake in Varcas Automobiles to Accelerate Electric Vehicle Innovation Vajram's acquisition of Varcas aims to enhance production capacity, enabling it to meet growing demand for electric two-wheelers, particularly in Tier II and Tier III cities, leveraging Varcas' manufacturing capabilities.
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eBikeGo's subsidiary Vajram Electric Ltd has acquired a 40% stake in Hyderabad-based electric vehicle (EV) manufacturer Varcas Automobiles, marking a strategic move to scale production and meet the surging demand for electric two-wheelers in India.
The acquisition is expected to create synergies that will enable Vajram to expand its manufacturing capabilities, particularly in Tier II and Tier III cities, where the demand for EVs is growing rapidly.
"This strategic partnership with Varcas Automobiles Pvt Ltd. will provide us with the operational scale and technological expertise needed to meet the growing demand for electric two-wheelers. Together, we will drive greater innovation and bring affordable, high-quality electric vehicles to a larger audience, contributing to India's green mobility revolution," said Dr Irfan Khan, Chairman of Vajram Electric.
Vajram Electric, which has delivered over 25,000 electric two-wheelers and generated INR 110 crore in revenue, sees the acquisition as a key step toward enhancing its market position. By leveraging Varcas' manufacturing capabilities, Vajram aims to address the rising demand for eco-friendly transport in smaller cities.
Varcas Automobiles, known for its dedication to providing reliable and affordable EVs, sees this partnership as a way to strengthen its impact on India's EV landscape. "Our mission is to deliver high-quality, reliable, and affordable electric vehicles while contributing to a cleaner environment. This partnership with Vajram aligns perfectly with our vision," said Ram Vemireddy, Founder and CEO of Varcas Automobiles.
This acquisition follows eBikeGo's previous EV expansion efforts, including its 2021 acquisition of the manufacturing rights for the luxury electric three-wheeler 'Velocipedo' from Spain's Torrot and the purchase of Kustard Technologies, a UI/UX design studio, to build advanced fleet management systems.
