Het bedrijf overweegt openbaar te worden via SPAC-fusie of traditionele IPO.

NEW YORK– (BUSINESS WIRE) – Gayam Motor Works (GMW) kondigde vandaag een investeringsverplichting van US $ 50 miljoen aan van het in Luxemburg gevestigde GEM Global Yield LLC SCS (“GEM”), aangezien het bedrijf van plan is om naar de beurs te gaan. De toezegging wordt beschikbaar gesteld op de eerste handelsdag of in tranches die naar keuze van het bedrijf worden opgenomen over een periode van drie jaar. Met zekerheid van de investering bij notering, is GMW nu goed gepositioneerd om de visie van het bedrijf om de wereldwijde transitie naar slimme en duurzame mobiliteit te versnellen, waar te maken.

GMW is een pionier op het gebied van elektrische mobiliteit in India en is de grootste exporteur van elektrische 3W’s (of e-tuktuks) uit India, met vestigingen in het VK, Frankrijk, Portugal, Japan, Oeganda, Nepal en Bangladesh. GMW’s SmartAuto is de eerste Indiase e-3W die Europees is gecertificeerd, en is ook de eerste e-3W die is ontworpen met een modulair batterijwisselsysteem.

De gecombineerde waarde van de markten voor het tanken van 3W en 3W bedraagt 32 miljard dollar. Verschillende ontwikkelingslanden hebben een hoog gebruik van driewielers, die traditioneel werden aangedreven door verbrandingsmotoren. Deze markten beschouwen elektrische 3W’s nu als de toekomst van mobiliteit binnen de stad.

Gayam Motor Works (GMW), an EV Pioneer with Presence in 5 Continents Announces $50Mn Investment Commitment from GEM, as Company Seeks to Go Public in Coming Months

The company envisages going public via SPAC merger or traditional IPO.

NEW YORK–(BUSINESS WIRE)– Gayam Motor Works (GMW) today announced a US$50Mn investment commitment from Luxemberg based GEM Global Yield LLC SCS (“GEM”) as the company plans to go public. The commitment will be made available on the first day of trading or in tranches to be drawn at the company’s option over a three-year period. With certainty of the investment upon listing, GMW is now well-positioned to deliver on the company’s vision of accelerating the world’s transition towards smart and sustainable mobility.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210331005905/en/

GMW SmartAuto- Most Advanced Electric threewheeler (Photo: Business Wire)

GMW is a pioneer in the Indian electric mobility space, and is the largest exporter of electric 3Ws (or e-tuktuks) from India, with presence in UK, France, Portugal, Japan, Uganda, Nepal and Bangladesh. GMW’s SmartAuto is the first Indian e-3W to be European certified, and is also the first e-3W to be designed with a modular battery swapping system.

The combined value of 3Ws and 3W refueling markets is at US$32Bn. Several developing countries have a high rate of usage of three-wheelers, which were traditionally powered by IC engines. These markets are now looking at electric 3Ws as the future of intra-city mobility.

“This agreement with GEM is a validation of our position as a market leader in the affordable e-mobility space. We have indigenously designed a robust powertrain with proprietary battery swapping technology. Some of the global automobile majors are exploring technology partnerships with us to co-develop affordable mobility solutions,” said GMW’s CEO Raja Gayam.

GMW’s clientele includes IKEA, Amazon, Uber, Flipkart (Walmart), Sokowatch, Grofers, BigBasket, Delhivery, and several others. The company also set up battery swapping and charging networks at these customer warehouses and distribution centers. “COVID-19 has caused a steep increase in ecommerce penetration globally. E-commerce firms and fleet operators find small commercial EVs to be an affordable and smarter way of moving goods around, as last-mile delivery accounts for the largest portion (~41%) of supply chain costs. Now, we look to help drive the industry’s inevitable electrification,” said GMW’s COO Sri Harsha Bavirisetty

The pandemic caused big shifts in the supply chain industry for many years to come. The global trend towards micro-fulfillment and distribution centers spread across the cities, has laid the path for smaller commercial EVs due to faster pickup/deliveries and shorter distances.

GMW’s future plans also call for the production of electric 4W trucks to follow from next year, which will have longer range and larger volume. The vehicle will likely be designed with the same battery interface of their SmartAuto for swift battery swapping across multiple vehicle types.

About Gayam Motor Works (GMW)

Gayam Motor Works (GMW) is led by brothers Raja Gayam and Rahul Gayam, and their collegemate Sri Harsha Bavirisetty in India. The company produces advanced electric 3-wheelers namely ‘SmartAuto Taskman’ (pickup truck) and ‘SmartAuto UrbanET’ (passenger). Rahul Gayam (CTO) is a Mercedes-Benz EQ Global Fellow, Senior Summit Fellow and was listed among Forbes Asia 30 Under 30. For more information, please visit: https://www.gayammotorworks.com.

About GEM

Global Emerging Markets (“GEM”) is a $3.4 billion, alternative investment group with offices in Paris, New York, and Los Angeles. GEM manages a diverse set of investment vehicles focused on emerging markets and has completed over 400 transactions in 70 countries. For more information: http://www.gemny.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210331005905/en/

Contacts

Sri Harsha Bavirisetty

harsha@gayammotorworks.com