Vajram Electric Acquires 40 Percent Stake in Varcas Automobiles
Varcas Automobiles has delivered over 25,000 electric two-wheelers and generated revenue of INR 110 crore, indicating its growth potential.
October 15, 2024. By Aishwarya
This acquisition aims to enhance Vajram's presence in India's electric vehicle (EV) market.
Varcas Automobiles has delivered over 25,000 electric two-wheelers and generated revenue of INR 110 crore, indicating its growth potential.
The partnership between Vajram and Varcas is expected to create synergies that could improve innovation and increase production to meet the growing demand for electric two-wheelers in India, the company states.
With this acquisition, Vajram Electric intends to leverage Varcas’ manufacturing capabilities to scale production, particularly in Tier-2 and Tier-3 cities.
The Indian EV market is experiencing significant growth, driven by government initiatives and increasing consumer interest in sustainable transportation. Vajram's expanded capacity may help it address emerging market needs.
Speaking on the collaboration with Vajram Electric Pvt Ltd, Ram Vemireddy, Founder and CEO of Varcas Automobiles Pvt Ltd. said, “Varcas Automobiles is dedicated to revolutionizing the way we think about transportation in India. Our mission is to deliver high-quality, reliable, and affordable electric vehicles that meet the diverse needs of our customers while contributing to a cleaner environment. Finally found a perfect partner who is in harmony with our thoughts and mission, so together we aim to lead the EV market in innovation and customer satisfaction.”
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