Vadodara (Gujarat) [India], March 25 (ANI/BusinessWire India): Wardwizard Innovations & Mobility Limited. (BSE Code: 538970), the first-ever company listed on BSE under the electric vehicle category aims to achieve 25 per cent of the overall EV vehicle market in India. With a market capitalization of more than INR 1800 crores, Wardwizard envisions the dawn of a new era for the Indian economy.
The company has set up its state-of-the-art OEM plant with a production capacity of 9000 vehicles per month in Vadodara and has 4 new high-speed bikes in its range. Wardwizard had recently announced the company stock split in the ratio 1:10 and the resolution has been approved by shareholders in the general board meeting.
Yatin Gupte, 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."
Under the Make In India initiative, the company has launched their own first-ever OEM plant in Vadodara, Gujarat, which was inaugurated by Honourable Home Minister Amit Shah, getting the nation a step closer to Atmanirbhar Bharat. 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.
Gupte further added that "The new plant has the capacity to manufacture over 1 lakh electric two-wheelers in a single shift; plant 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 per cent 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."
The BSE listed company headquartered in Vadodara started their journey in the year 2016, under the leadership of Yatin Gupte by revolutionizing the electric vehicle industry under the brand Joy e-bike and household appliances industry under Vyom Innovation. Starting in Vadodara, they have crossed the international borders and today they have expanded the presence in Uganda, Africa.
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.
Within no time, Joy e-bike has become the first-ever electric bike manufacturing brand to introduce 8 plus EV models in the market, including 4 highspeed offerings. In 2019 they introduced Gen NxtNanu e-scooter, Wolf, Glob, Monster, which require no license or registration. The first high-performance offering- the E-Monster, was launched in the summer of 2020. In 2021, Wardwizard raised the bar by launching 4 new high-speed models - Hurricane, Thunderbolt, Skyline and Beast. Apart from the stunning looks, these bikes are power-packed with the latest EV technology along with strong IoT sensors and Artificial Intelligence.
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