Electric One enters Sri Lanka 2-wheeler market
Electric One announces the signing of a memorandum of understanding with the legendary cricketer Arjuna Ranatunga to enter the Sri Lankan 2-wheeler market through the newly formed joint venture company Electric One Lanka.
This partnership will endeavour to set up over 50 retail outlets co-branded as ‘Electric One powered by AR’ stores across the country in the next five years. The JV will invest about USD 5 million USD over the next three years, starting with retail and distribution in the first phase followed by local assembly and manufacturing in the second phase.
The joint venture was signed in the presence of Sri Lanka’s Cricket World Cup-winning team’s former captain, Arjuna Ranatunga, Chairman, Electric One Lanka, Venkatesh K Rao, CEO & MD, Electric One Lanka, Amit Das, Founder & CEO, Electric One Mobility and Dhiraj Tripathi, Co-Founder & COO, Electric One Mobility.
The aim of the partnership is to provide an affordable means of transport and reduce carbon footprint. The JV will derive strength and synergies from both the partner companies to aim for the pole position in the Sri Lankan EV market. Electric One Lanka Pvt Ltd will start with a flagship outlet in February’23 and will have 9 offices across 9 provinces of Sri Lanka and each district will have multiple retailers in the next 2 years.
Arjuna Ranatunga is a former Sri Lankan cricketer and a former Minister of Transport and Civil Aviation, Govt. of Sri Lanka. Arjuna Ranatunga- Chairman of Electric One Lanka said “In the last couple of years people are struggling with fuel shortage and economic crisis back in the country for which I decided to enter the Electric Vehicle segment. We have been involved in solar & mini hydros for last few years. The main reason for me to get into EV’s is to reduce carbon footprint and give our future generations a clean country and a clean world. It was a pleasure meeting the founders of Electric One and I hope our partnership goes a long way.”
Amit Das, Founder & CEO, Electric One Mobility said that, “This JV is going to be a major milestone for both India and Sri Lanka in the field of Electric Mobility. The new innings at Sri Lanka with Mr. Arjuna is going to shape the way of mobility in Sri Lanka providing citizens an affordable mode of personal transport and a choice to choose from the widest and most versatile range of electric scooters and motorcycles of high quality under one roof. We are looking forward to hitting a century of stores across Sri Lanka under the able guidance of Mr. Arjuna and team sooner and are excited to strengthen our presence with strong after-sales support."
Dhiraj Tripathi, Co Founder and COO said “Electric One plans to expand its operations into international markets of Africa, Middle East and South Asia and it’s a matter of pride that in our debut international venture, we are partnering with Mr. Arjuna who shares our vision for green mobility. We will be announcing our partnerships for Nepal, GCC countries, and some key African markets soon.”
Electric One is foraying into international markets after establishing itself in the domestic market with a pan-India retail network of over 100 stores spread across 18 states and over 80 cities.
