Wardwizard Innovations & Mobility Limited which is a Gujarat based company listed on BSE under the electric vehicle category aims to achieve 25 percent of the overall EV vehicle market in India. It has a market capitalization of more than INR 1800 crores.
A state-of-the-art OEM plant with a production capacity of 9000 vehicles per month has been set up by the company in Vadodara and has 4 new high-speed bikes in its range. Through this plant, Wardwizard is committed to empowering more than 2500+ entrepreneurs in 2021-2022 and many budding electric vehicle brands to get the units manufactured and assembled locally lowering the major costs involved.
It has also announced a stock split in the ratio 1:10 and the resolution has been approved by shareholders in the general board meeting.
Mr. Yatin Gupte who is the Chairman and Managing Director, Wardwizard Group said, “We have consistently delivered growth over the last twelve months. This stock split reflects our continued confidence in our long-term growth, and we believe it will broaden the market for and widen the distribution of the Company’s stock. The company has strong fundamentals and the small investors trying to stay diversified will stand to gain. We are bullish about the EV market in India as the potential is huge. The market is vast and we are totally geared for it.”
Mr. Gupte also mentioned that – “The new plant has the capacity to manufacture over 1 lakh electric two-wheelers in a single shift; it is equipped to produce 3-4 lakh units per year in full capacity. With the growing demand for electric bikes, we expect to grab a 25 percent market share of the overall EV two-wheeler segment by the year 2025. In the next 3-4 years, the company has set a revenue target of Rs. 500 – 600 crore; enter the three-wheeler in the EV segment as well as expand the footprint to Europe, Africa, Middle East.”
Wardwizard started the transformation in the two-wheeler segment by manufacturing innovative electric bikes under the brand name Joy e-bike. The brand entered the market with two low-speed models Nanu E-Scooter Honeybee and Nanu E-Scooter Butterfly. Though the company was established in Vadodara, it has crossed the international borders and today they have expanded their presence in Uganda, Africa.
