“This agreement with GEM is a validation of our position as a market leader in the affordable e-mobility space,” said Raja Gayam, CEO and co-founder of GMW. “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.”
Funds will be made available to the EV startup business on the first day of public trading for the company, or GMW may withdraw from the funds over a period of three years as needed. GMW expects to go public through either a traditional initial public offering (IPO) or a special purpose acquisition company (SPAC) merger. The startup business previously raised $7,400 from investors in an angel round for the startup EV company.
Rolling Out Three-Wheeled Electric Vehicles
Founded in 2010 by Raja and his brother Rahum Gayam, GMW seeks to deploy a fleet of electric vehicles to combat pollution and accelerate the transition to sustainable mobility. In 2015, the startup business launched India’s first electric three-wheeler powered by a lithium-ion battery.
Now, the EV startup business sports a fleet of three-wheeled electric vehicles. Electric rickshaws from GMW are capable of transporting four people over 68 miles on a single charge. Other models target the delivery market by swapping out three passenger seats for cargo storage, offering businesses a green solution for local fulfillment centers.
GMW also developed a modular battery supply system for its vehicles. The EV startup company avoids long downtime between charges through the use of its unique battery technology, which allows the user to quickly swap batteries and continue using their EV in a matter of minutes.
Businesses including IKEA, Amazon, and Uber are already working with the startup company to reduce the impact of their delivery services. Electric vehicles from GMW are currently operating in the UK, France, Portugal, Japan, Uganda, Nepal, and Bangladesh.
Electrifying Local Delivery
As online shopping continues to experience rapid growth, digital retailers are often relying on micro-fulfillment centers located in urban settings to provide fast delivery to consumers in large cities. Small electric vehicles like those built by GMW provide an economical and sustainable option for short-distance deliveries.
“COVID-19 has caused a steep increase in ecommerce penetration globally,” said Sri Harsha Bavirisetty, COO at GMW. “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.”
Market research expects the global last mile delivery business industry to grow at a CAGR of 7.6% from 2020 to 2026.
About the Author
James White is a Michigan State University graduate with a B.S. in Environmental Biology. He is interested in reporting emerging trends in technology, especially with regard to alternative energy and environmental conservation.