M&A

M&A

Jindal Mobilitric acquires two-wheeler EV maker Earth Energy

INC42  

Jindal Worldwide, via its subsidiary Jindal Mobilitric, has acquired Mumbai-based EV startup Earth Energy EV. As part of the acquisition, Jindal Mobilitric will take over Earth Energy's commuter scooter brands – Glyde SX, Glyde SX+, and commuter and cruiser motorcycle brands – Evolve R and Evolve S. Jindal Mobilitric will also establish a new manufacturing plant in Ahmedabad which will supplement Earth Energy's existing manufacturing plant in Maharashtra. Earth Energy has distributors in 10 states of the country, and Jindal Mobilitric would retain them. Besides, it will add new touchpoints by strengthening the distributor network in each market. Earth Energy manufactures electric vehicles for consumers and businesses. It manufactures almost 96% of its power solutions and components for its electric vehicles in-house. The startup has so far raised USD 2.5 million since its inception in 2017.