Gayam Motor Works (GMW) today announced a US 50Mn investment commitment from Luxemberg based GEM Global Yield LLC SCS ( GEM ) as the company plans to go public. The commitment will be made available on the first day of trading or in tranches to be drawn at the company’s option over a three-year period. With certainty of the investment upon listing, GMW is now well-positioned to deliver on the company’s vision of accelerating the world’s transition towards smart and sustainable mobility.
GMW is a pioneer in the Indian electric mobility space, and is the largest exporter of electric 3Ws (or e-tuktuks) from India, with presence in UK, France, Portugal, Japan, Uganda, Nepal and Bangladesh. GMW’s SmartAuto is the first Indian e-3W to be European certified, and is also the first e-3W to be designed with a modular battery swapping system. The combined value of 3Ws and 3W refueling markets is at US 32Bn. Several developing countries have a high rate of usage of three-wheelers, which were traditionally powered by IC engines. These markets are now looking at electric 3Ws as the future of intra-city mobility.