Greaves Electric Mobility Files for ₹1,000 Cr IPO: Ampere Gears Up for Growth with Tech, Battery, and Non-RTO Strength

IPO Announcement Marks New Chapter for Greaves Electric

In a move that signals strong intent for future growth, Greaves Electric Mobility Ltd (GEML)—the EV arm of Greaves Cotton—has filed a Draft Red Herring Prospectus (DRHP) with SEBI for a ₹1,000 crore Initial Public Offering (IPO). This fresh capital will fuel R&D, battery manufacturing, and capacity expansion, especially for its flagship electric two-wheeler brand, Ampere.

While legacy EV players are battling in the high-speed scooter arena, Greaves is charting its own path by building dominance in both RTO and non-RTO categories—especially with low-speed scooters like the Ampere Reo, which are not reflected in VAHAN sales data but have significant market presence.

Where Will the IPO Money Go?

According to the DRHP and public reports, here’s how the ₹1,000 crore will be utilized:

• ₹375.3 crore: R&D and product innovation at the Bengaluru tech center
• ₹83 crore: In-house battery assembly at the Ranipet plant, Tamil Nadu (launching by FY 2027)
• ₹74 crore: Complete acquisition of subsidiary MLR Auto, focused on electric and ICE three-wheelers
• ₹38 crore: Capacity expansion at the Toopran plant (Telangana)
• ₹20 crore: Expansion at the Greater Noida plant (Uttar Pradesh)
• ₹27.8 crore: Digitization and IT upgrades
• Balance: Strategic acquisitions and corporate use

Manufacturing Might Across India

GEML operates three state-of-the-art EV manufacturing facilities:

• Ranipet (Tamil Nadu) – 4.8 lakh annual e-2W capacity (Ampere scooters)
• Toopran (Telangana) – Increasing to 34,800 units annually (3W vehicles)
• Greater Noida (Uttar Pradesh) – Scaling to 45,896 units (cargo/passenger 3Ws)

This pan-India footprint gives Greaves a competitive edge in logistics and distribution, especially in reaching tier-2 and rural EV markets.

Building the Battery Future In-House

Currently reliant on external suppliers across China, Southeast Asia, and India, Greaves Electric plans to build its own battery pack assembly line to reduce dependency and increase cost efficiency. This is a major leap toward vertical integration, improving margins and product reliability.

Ampere’s Product Power: From Reo to Nexus

Ampere, the flagship brand under Greaves Electric, has evolved dramatically over the years:

• Low-speed non-RTO scooters like Ampere Reo still dominate sales in India’s entry-level EV market
• Mid-speed scooters such as Magnus EX and Zeal cater to urban commuters
• Premium family e-scooter, Ampere Nexus, launched in May 2024, offers 136 km true range and elevated features
• Future launches: NXG and B2B-focused NXU models will further expand Ampere’s reach into urban and commercial markets

Did you know? Non-RTO models like the Reo don’t require a license or registration—making them incredibly popular with students, homemakers, and small-town users. No other legacy brand offers such value in this segment, making Ampere the undisputed leader here—even if VAHAN data doesn’t show it.

FY24 Sales Dip—But There’s More Than Meets the Eye

GEML reported ₹611.8 crore revenue in FY24, a 45.5% YoY dip, driven by reduced high-speed scooter sales after the FAME II subsidy revision. However, this decline doesn’t reflect the robust sales of non-RTO vehicles, which make up a substantial part of Ampere’s real market share.

• RTO-registered e-2W sales fell to 47,820 units (from 1.09 lakh in FY23)
• 3W sales more than doubled to 13,470 units (from 6,870 in FY23)

This shows Greaves is diversifying its revenue base, building resilience across both B2B and B2C channels.

FAME-II Impact and Recovery Strategy

The FAME-II subsidy overhaul in June 2023 hit all major OEMs, with a sharp price hike and sudden drop in EV demand. However, Ampere’s diversified portfolio and value pricing on non-RTO models helped cushion the blow.

The newly launched Ampere Nexus is expected to be a game-changer in 2025 as demand stabilizes, offering premium features at a mass-market price.

Pan-India Distribution Network

• 309 e-2W dealerships across 27 states
• 188 e-3W dealer points
• Growing presence in rural and tier-2 cities, where non-RTO EVs offer unmatched affordability

Ampere’s deep retail penetration allows it to reach customers who are often underserved by bigger brands.

What Makes Greaves Electric a Unique EV Player?

What Lies Ahead?

With a robust manufacturing base, product innovation pipeline, and deep distribution, Greaves Electric is poised to be a long-term EV challenger. The IPO gives the company a chance to accelerate its:

• Technology edge
• Battery independence
• Expansion into commercial EVs
• Domination in non-RTO segments

Investor Confidence is expected to be high, especially with strategic backers like Abdul Latif Jameel Green Mobility and the parent support from Greaves Cotton.

Conclusion

Greaves Electric Mobility is not just launching an IPO—it’s igniting a fresh chapter in India’s electric mobility story. Through Ampere, it remains committed to democratizing EVs across income segments, geographies, and use cases.

Its unique non-RTO portfolio, affordable pricing, and forward-thinking investments in R&D and batteries set it apart from legacy and new-age players alike.

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