Bikewo Green Tech Ltd. IPO

We are an electric two wheeler retailer in India. We commenced our business operations in 2016 and our revenue from operations have been steady since then. Our Company since its incorporation had been engaged in the business of buying and selling of used four wheelers from authorised dealers of ... reputed automobile brands (“New Car Dealers”). In the year 2022, with the advent of electrical vehicles in India, in order to capitalise the opportunities and potential offered by the industry segment, we diversified our business operations by venturing into marketing and selling of electric vehicles and sold franchise of our brand to ten dealers during the first quarter of FY 2022, for opening and operating our stores in Andhra Pradesh and Telangana. Our electric vehicle business focuses on capturing the opportunity arising out of electrification of mobility in India by creating a multi-brand channel for EV two wheelers by offering franchise under our brand in the Tier – I, Tier-II and Tier-III cities. Our business model focuses on creating a dealership chain across Tier-II and Tier-III cities for setting up retail spaces which ensures high visibility and easy accessibility to customers. Read more

India has been witnessing tremendous EV sales growth during the last 3-4 years. Torch bearer of EV revolution in India, the Electric 2-wheeler industry accounted for 55% of the total EV sales in FY2022 alone. The overall E2W sales in India during the first half (H1) of FY2023 was about 4.56 lakh ... units which is more than twice the sales in H1 of FY2022. E2W segment specifically is considered to be driving this growth now, accounting for 55% of the total EV sales in FY2022, against a share of 32% in FY2021. The sales of HS E2W is now more than the sales of electric three-wheeler (E3W) passenger segment, a trend which has witnessed reversal since FY2022. Over the last four fiscal years (FYs) i.e., FY2019 to FY2022, India recorded total sales of ~10 lakh units of E2W3. This includes the sales of LS and HS E2Ws, selling about 6.5 lakh and 3.5 lakh units respectively. The overall E2W segment grew at a compound annual growth rate (CAGR) of 71% over this four-year period. At the segment-level, while the LS segment grew at a CAGR of 45%, the sales in the HS segment surged by more than 2x the rate of LS (115% CAGR). This trend can also be witnessed from the sales of HS-E2W during H1 FY2023 wherein HS-E2W already accounted for more than 65% of the total E2W sales. Read more