- Can you provide an overview of Greaves Retail and Distribution journey in the electric vehicle market in India? How did the company recognize the opportunity and what actions were taken to address the need gap?
Greaves Retail and Distribution is actively involved in the realm of mobility, offering eco-friendly transportation solutions within the e-three wheeler, ICE three-wheeler, and small commercial vehicle sectors. The company’s primary objective is to make sustainability accessible to all by providing seamless and clean last-mile solutions across different regions.
Greaves Cotton has been one of the first companies to spot India’s opportunity in the world of EV and acted swiftly before anyone else. The company identified the importance of establishing a robust retail infrastructure and ventured into creating the most extensive network among EV competitors in the country. Through its widespread retail business network across India, known as Greaves Retail, the company offers a comprehensive range of sales, service, and multi-brand spare parts, thereby contributing to the organisation and improved efficiency of the previously unstructured sector. Notably, Greaves also holds the distinction of being the first brand to introduce a multi-brand retail store called AutoEVmart in Bangalore. AutoEVmart stands as the largest network in the country for multi-brand electric cars and electric three-wheelers (e2e and e3w), forming an integral part of Greaves’ overarching strategy to establish an EV ecosystem that prioritises consumer choice, convenience, and exceptional experiences, ultimately bringing the company closer to its customers.
Consumer trust in the retail business has led to a good response from mechanics for genuine spare parts, suggesting an overall positive atmosphere, and a heightened trust in the Greaves brand’s legacy, which indicates further growth potential in the times to come. Greaves provides a 360-degree buyer support program via its meticulous demonstration, expert advice, and attractive finance schemes. Every Greaves Retail outlet promises range, reach and reassurance for last-mile users.
- Could you elaborate on the three business segments of Greaves Retail and Distribution? What are the key services and solutions provided by each segment?
The three main business segments of Greaves Retail and Distribution comprise of AutoEVMart, Greaves Care and Greaves Spares. AutoEVMart consolidates all aspects of electric vehicles in a single destination, offering a wide range of electric mobility solutions from various brands such as Ampere Electric and other leading electric two-wheeler and three-wheeler manufacturers. This store provides an extensive selection of products, including e-scooters, e-cycles, e-autos, e-loaders, e-rickshaws, as well as accessories suitable for both personal and commercial purposes.
Greaves Care, the service division of Greaves Cotton retail, specialises in delivering extensive aftermarket assistance exclusively for three-wheelers and small four-wheelers. It is a one stop shop for all services and spares requirements for last-mile vehicle users. The service includes repairs conducted by mechanics trained by the company, provision of certified high-quality spare parts, prompt servicing, transparent operations, and a six-month warranty on specific parts.
Greaves Spares, utilising its extensive network of over 200 distributors, 9,000 dealers, and 20,000 mechanics, offers a wide range of multi-brand vehicle parts for three-wheelers, e-three wheelers, and small commercial vehicles to end customers including mechanics, garages, fleet operators, and more. With emphasis on delivering top-notch quality and service, the company continues to be the preferred supplier of spare parts. Additionally, Greaves Spares extends its support to major institutional clients such as telecom companies and railways.
- AutoEVMart is positioned as a “one-stop” shop for electric vehicles and related accessories, financing, and insurance. How has this concept contributed to the growth and success of Greaves Retail? What benefits does it provide to the target customers?
AutoEVMart holds a prominent position as India’s leading multi-brand e3W retailer. It offers a carefully curated selection of e3Ws and electrified small commercial vehicles (SCVs) to small businesses and entrepreneurs engaged in the transportation of cargo and people. The 3PL (Third-Party Logistics) market in India is projected to reach USD 88.8 billion by 2028, growing at a CAGR of 7.3% from an estimated value of USD 62.3 billion in 2023. The expansion of this market can be attributed to the growth in sectors such as manufacturing, FMCG, retail, and e-commerce, leading to increased demand for advanced logistics capabilities and solutions from 3PL service providers. Many small fleet companies, with fleet sizes ranging from 3 to 50 vehicles, cater to the “last mile” transportation market. These companies are transitioning to electric fleets to reduce logistics costs and promote clean mobility. AutoEVMart addresses the needs of such small businesses by providing comprehensive multi-brand EV fleet management services. These services ensure high vehicle uptime through access to trained EV mechanics, EV spare parts, battery charging, battery swapping, and battery diagnostics services.
- With the expansion of Greaves Care, the service and spares arm, what kind of support and solutions are provided to both internal combustion engine (ICE) vehicles and electric vehicles? How is the service network extended to electric commercial vehicles?
Through our extensive network of over 110 retail points, Greaves Care, we provide top-notch service and spare parts to 3-wheelers, e3-wheelers, and small commercial vehicles across India. Our operations cover both traditional internal combustion engine (ICE) vehicles and electric vehicles from various brands. We are also expanding our services to cater to electric commercial vehicles.
At Greaves Care, we offer a comprehensive range of repair and upkeep solutions for vehicles, including bodywork, engines, gearboxes, electrical systems, rubber components, batteries, and lubricants. Our commitment to excellence is evident through our partnerships with high-quality, customer-centric multi-brand service outlets. By collaborating with these outlets, we are transforming the previously unorganised vehicle servicing market.
One of the key advantages of our partnerships is that we provide complete access to a wide range of multi-brand spares, including electric vehicle parts, along with specialised technical support. This empowers our service outlets to deliver exceptional service and meet the diverse needs of our customers. In our continuous effort to enhance customer satisfaction, we are introducing several new services. One such service is “Retrofit”, which involves converting older ICE vehicles to electric or CNG power. This allows us to contribute to the transition towards cleaner and more sustainable transportation options.
- Greaves Spares focuses on providing multi-brand vehicle parts to mechanics and independent vehicle garage owners. Can you discuss the value proposition of Greaves Spares and how it maintains its position as the preferred supplier of spares?
Our value proposition lies in our dedication to delivering high-quality, reliable parts that meet the evolving needs of our customers. We have strategically positioned ourselves as the preferred supplier of spares by focusing on several key aspects. First and foremost, we understand the shifting preferences of customers who now prioritise branded players over counterfeit products and Chinese imports. Recognizing this demand for quality, we have curated a comprehensive range of multi-brand vehicle parts, ensuring that our customers have access to the finest components available in the market. To effectively serve our customers, we have established a vast network consisting of over 180 distributors, 9,000 dealers, and 20,000 mechanics. This extensive reach enables us to provide seamless distribution of our products, reaching end customers such as mechanics, garages, fleet operators, and more.
At Greaves Spares, we remain agile and adaptive to emerging trends and opportunities in the industry. Recognizing the growth potential in areas like small commercial vehicles (SCVs) and international markets, we have strategically expanded our operations. We are actively venturing into the electric 3-wheeler (e-3W) segment. Additionally, we have identified key international markets for expansion and are establishing country-specific distribution models for Greaves branded spares. Embracing the digital age, we are also exploring e-commerce opportunities to enhance the purchasing experience for our channel partners and mechanics.
Moreover, we have developed strong partnerships with large institutional customers, including telecom companies and Railways. By providing spares for power gensets and other equipment, we support their operations and contribute to their success. Our commitment to high-quality maintenance and delivery is reflected in our continuous efforts to introduce multi-brand components and diagnostic/service equipment. By staying at the forefront of technological advancements and industry trends, we ensure that our customers receive nothing but the best.
- Greaves Retail has achieved significant growth with the largest retail network, distributors, mechanics, and customer base. Could you explain the key factors that have contributed to this rapid expansion?
The rapid expansion of Greaves Retail and its achievement of the largest retail network, distributors, mechanics, and customer base can be attributed to several key factors. These factors have played a pivotal role in driving significant growth for the company. One of the primary contributors to Greaves Retail’s expansion has been its focused efforts on implementing below-the-line (BTL) activities and online lead generation strategies. By utilising multiple channels and running promotions and events at a micro market level, Greaves Retail has successfully increased brand visibility, customer engagement and has resulted in a remarkable 200% growth during FY 2022-23.
Greaves Retail places a deep emphasis on customer understanding and new customer acquisition. By tailoring its strategies to specific geographies and implementing customised initiatives, the company has successfully increased retail footfall. Additionally, Greaves Retail maintains a dedicated customer care centre, ensuring that customer-centric initiatives are regularly adopted to enhance sales service quality and delivery. This commitment to customer satisfaction has further fueled the company’s growth. To support customers and channel partners, Greaves Retail has established a team of trained field managers. These professionals are equipped to address the diverse business needs of customers and partners, providing them with personalised support and guidance.
Furthermore, the expansion of Greaves Retail’s offerings has played a significant role in driving revenue growth per outlet. By diversifying their product range and expanding their service offerings, Greaves Retail has been able to meet the evolving needs of customers and capitalise on market opportunities. In terms of network expansion, Greaves Retail has added 71 new touchpoints in FY 2022-23. This continuous growth is driven by consumer insights, allowing the company to identify and cater to customer demands across larger geographies.
- As Greaves Retail gears up for the next phase of expansion, what is the company’s strategy to reach the next 100 million customers? How does Greaves plan to emerge as the largest value-added retail distribution company in the EV ecosystem?
India is experiencing a rapid surge in the adoption of electric vehicles (EVs), particularly in the electric 3-wheelers (e3W) and small commercial vehicle (SCV) segments. This revolution aims to make sustainable and uninterrupted last-mile mobility solutions accessible across different regions. Our primary objective is to introduce an extensive network of stores and outlets, ensuring widespread availability and promoting the democratisation of sustainability. By placing a deep emphasis on understanding customer needs and acquiring new customers, we have significantly increased retail footfall. We have tailored our approach to cater to specific
geographical requirements, enabling us to establish a strong customer base. Additionally, our partnership with customer-centric, multi-brand service outlets under Greaves Care has been instrumental in organising the previously unorganised vehicle servicing market. Moving forward, we are committed to implementing the same strategies to reach an additional 100 million customers. Our ultimate goal is to become the leading value-added retail distribution company in the EV ecosystem, expanding our reach and influence in the market. With the largest scale of network, Greaves currently is equipped with 9000 retail stores, 200 distributors and 20,000 mechanics. With comprehensive 3S facilities under one roof across the country, Greaves Retail sports 15 OEMs, 200 outlets, 60 brands, 100 different models. We have successfully hit a milestone of 5 million customers today and aim to reach 100 million in 5 years.
- With the evolving technology landscape and changing customer preferences, how does Greaves Retail stay ahead of the curve in terms of product innovation and adoption of new technologies?
At Greaves Retail we place great importance on maintaining a competitive edge by proactively exploring new technologies, fostering collaborations with industry partners, utilising customer insights, cultivating a culture of continuous learning, and embracing an agile approach. These strategies are crucial in enabling us to stay ahead of the curve in the rapidly evolving business landscape.
- How does Greaves Retail envision the future of the EV market in India? What role does the company see itself playing in shaping the future of clean mobility and energy solutions?
We envision a promising future for the EV market in India and acknowledge the rising demand for clean mobility and energy solutions due to environmental concerns, government initiatives, and increased consumer awareness. With India’s transition towards a sustainable transportation landscape, Greaves Retail identifies substantial opportunities for growth and innovation in the EV industry. As a prominent retail distribution company specialising in EVs, we aim to play a pivotal role in shaping India’s clean mobility and energy solutions. By leveraging our extensive network, customer-centric approach, strategic partnerships, and value-added services, the company strives to facilitate the widespread adoption of EVs and contribute to the development of a sustainable transportation landscape in the country.