EMotorad acquires Panine to strengthen footprint in EV charging segment
Date: 14 Feb 2022
an e-bike startup has acquired Panine at an undisclosed amount. With this
acquisition of Panine, the country’s first EV fast-charging network, they plan
to develop a presence in the electric mobility ecosystem.
The acquisition allows EMotorad to offer
Panine an international platform and reach for its battery technology. This
battery technology has been developed after extensive research and
understanding of challenges that localised Indian conditions pose to battery
life in EVs. The acquisition also facilitates necessary muscle power to Panine
allowing it to grow to the next level while improving EMotorad’s own battery
EMotorad, bootstrapped in 2020 has
successfully established its niche in the Indian market along with a successful
foray into the UAE, Nepal, and Japan markets. They are also planning to enter
the US market with their products soon.
Panine’s core stability will remain intact with
Sachin Kumar, Co-founder, and CEO, and Nitesh Pandey, Co-founder and COO
continuing to lead the company ahead, as both teams EMotorad and Panine work
together to grow and develop further. Following the acquisition, Sachin Kumar
takes over as Head of Technology, Nitesh Pandey will be the Vice President –
Sales, while Ramya Sharma will be the Head of Software Engineering and AI
For EMotorad, which has concentrated on
certain form factors, this acquisition will lead to creating multiple products
or form factors in the time to come. The present range of e-bikes from EMotorad
includes the EMX, T-Rex,Glyder, Xplorer, Dolphin, Doodle, Trible, and Ener-G.
Panine’s Ultra-Fast Charging Battery Tech is
based on an infra-light model which makes it easier to integrate the technology
with the vehicles so that it adds value to the end consumer. Panine has also
built an associated AI engine-driven platform called Romosa that works on
battery life estimation, preventive maintenance, performance enhancement, etc.
As an organisation, EMotorad with its founders
– Rajib Gangopadhyay, Kunal Gupta, Aditya Oza, and Sumedh Battewar has seen its
employee strength go from 18 to 125 in 3 months, a year-on-year (YOY), amid a
revenue growth of 650% and a 6-month growth-in-valuation of 3000%.
are extremely pleased to have Panine under EMotorad’s fold. Carrying out this
acquisition was easy and simple as we saw the founders to match our thoughts
and vision. The coming together of the two is a meeting place of ethics and
values and offers the kind of industry impact that we wanted to bring across.
Panine has mastered the data coordinated hardware space which is critical to
battery technology and shall operate as a brand under the EMotorad umbrella
while also helping develop our battery technology,” said Kunal Gupta, CEO &
Co-founder of EMotorad.
is an infra-light platform built with machine learning algorithms and AI, which
is the ultimate deciding factor in understanding battery performance. Our work
in the area of data coordinated hardware has led to the creation of India’s
first EV fast-charging network. We have seen EMotorad’s journey closely and its
acquisition of Panine will take both businesses to greater heights in the time
to come,” added Sachin Kumar, Panine CEO and incoming Head of Technology.