E-bike company EMotorad announced the acquisition of EV charging network Panine for an unknown sum in order to extend its position in the electric mobility industry. EMotorad can now provide Panine with a worldwide platform and reach for its battery technology as a result of this purchase.
“The acquisition also facilitates necessary muscle power to Panine allowing it to grow to the next level while improving EMotorad’s own battery technology capabilities,” the company said in a statement.
EMotorad, founded in 2020 and bootstrapped, has successfully developed a niche in the Indian industry, as well as forays into the UAE, Nepal, and Japan sectors, and plans to reach the US market with its goods shortly.
“Panine’s Sachin Kumar, Co-founder, and CEO, and Nitesh Pandey, Co-founder and COO will continue to lead the company ahead, as both teams EMotorad and Panine work together to grow and develop further,” the statement further said.
Sachin Kumar will be the new Head of Technology, Nitesh Pandey will be the Vice President of Sales, and Ramya Sharma will be the Head of Software Engineering and AI Platforms, following the purchase. EMotorad’s current e-bike lineup comprises the EMX, T-Rex, Glyder, Xplorer, Dolphin, Doodle, Trible, and Ener-G, according to the statement.
