Private Equity

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eBikeGo’s arm acquires 40% stake in fellow EV maker Varcas Automobiles

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eBikeGo’s Mumbai-based subsidiary Vajram Electric Ltd has acquired a 40% stake in Hyderabad-based electric vehicle (EV) manufacturer Varcas Automobiles.Vajram plans to capitalise on Varcas’ manufacturing capabilities and address the rising demand for EVs in Tier II and Tier III cities.Varcas claims to focus on accelerating the global transition to sustainable transportation. It sells e-scooters under the brands Falcon, Eagan, Aman, Ruby and Crony. The firm also sells e-bicycles.Vajram Electric claims to have delivered over 25,000 electric two-wheelers to date and has generated a revenue of INR 110 crore.