In a strategic move to enhance its presence in the electric vehicle (EV) market, eBikeGo’s subsidiary, Vajram Electric Ltd, has acquired a 40% stake in Varcas Automobiles Pvt Ltd, a prominent EV manufacturer based in Hyderabad. This acquisition marks a significant step in Vajram’s ongoing efforts to strengthen its position in the rapidly evolving Automobiles Pvt space.
Varcas Automobiles Pvt Ltd has established itself as a key player in the EV sector, having successfully delivered over 25,000 electric two-wheelers to date and generating an impressive revenue of ₹110 crore which demonstrates the company’s solid growth foundation and scalability. The partnership between Vajram and Varcas is poised to create new synergies that will further accelerate innovation, scale production and meet the rising demand for electric two-wheelers across India.
With the acquisition, Vajram Electric Ltd aims to capitalize on Varcas’ robust manufacturing capabilities, which will enable it to scale up production and address the increasing demand for electric vehicles, particularly in Tier-2 and Tier-3 cities. The Indian EV market is witnessing exponential growth, driven by government initiatives, environmental awareness, and consumer preference for sustainable transportation. Vajram’s enhanced capacity will allow it to cater to these emerging markets and establish a stronger foothold in the sector.
Speaking on the acquisition, Dr. Irfan Khan, Chairman of Vajram Electric Ltd. said, “This strategic partnership with Varcas Automobiles Pvt Ltd. will provide us with the operational scale and technological expertise needed to meet the growing demand for electric two-wheelers. Together, we will drive greater innovation and bring affordable, high-quality electric vehicles to a larger audience, contributing to India’s green mobility revolution.”
Varcas Automobiles Pvt Ltd.’s strong track record, combined with Vajram’s market reach and innovative approach, sets the stage for accelerated growth and expanded influence within the Indian EV ecosystem.
Speaking on the collaboration with Vajram Electric Pvt Ltd, Ram Vemireddy, Founder & 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 aim to lead the EV market in innovation and customer satisfaction.”
