BikeWo Green Tech Signs MoU to Acquire Majority Stake in PositiEV Mobility

BikeWo Green Tech has entered into a Memorandum of Understanding (MoU) with PositiEV Mobility, setting out the Parties' mutual intention to pursue a partnership through a proposed transaction under which BikeWo proposes to acquire a majority stake (51 percent) in PositiEV Mobility, subject to satisfactory due diligence, mutually agreed valuation, execution of definitive agreements and applicable corporate, statutory and regulatory approvals.

The MoU further records the Parties' intention that, upon successful completion of the proposed transaction, Hiten Pal Saklani, Founder of PositiEV Mobility, shall assume the role of Chief Executive Officer of BikeWo Green Tech, subject to the approval of the Board of Directors and execution of definitive agreements.

The proposed transaction would represent a milestone in BikeWo's journey towards creating an integrated platform that brings together EV retail, leasing, financing, charging infrastructure, battery swapping, fleet solutions and after-sales services under one ecosystem. By combining the strengths of both companies, BikeWo aims to address some of the key challenges slowing EV adoption in India while delivering end-to-end mobility solutions for businesses and consumers alike.

Founded by Hiten Pal Saklani, PositiEV Mobility has built a technology-enabled platform focused on commercial EV distribution and leasing by integrating financing, charging infrastructure, maintenance and fleet operations. The company has developed a collaborative ecosystem connecting OEMs, dealers, NBFCs, fleet operators and infrastructure partners to simplify electric mobility for businesses and institutional customers.

Commenting on the MoU, Manideep Katepalli, Chairman and Managing Director, BikeWo Green Tech, said, "This MoU marks an important step in BikeWo's long-term growth strategy. PositiEV Mobility has built strong capabilities across EV distribution, leasing and mobility infrastructure, making it an excellent strategic fit with BikeWo's vision. We look forward to working closely with the PositiEV team as we progress through due diligence and the necessary approvals. We believe this partnership has the potential to create one of India's most integrated EV mobility platforms. Hiten's deep understanding of the EV ecosystem, combined with his entrepreneurial experience and execution capabilities, makes him the ideal leader to drive BikeWo's next phase of growth. Together, we are committed to building an integrated mobility platform that accelerates EV adoption and creates long-term value for the entire ecosystem."

Speaking on the signing of the MoU, Hiten Pal Saklani, Founder and CEO, PositiEV Mobility, said, "India's EV transition is entering a defining phase where success will depend not only on vehicles but on the ecosystem that supports them. Financing, charging infrastructure, dealership sustainability, fleet management and after-sales service must work together to make electric mobility truly scalable. The signing of this MoU reflects the shared vision of BikeWo and PositiEV Mobility to build an integrated EV mobility ecosystem. We look forward to working closely with BikeWo to build an integrated platform that empowers manufacturers, dealers, fleet operators, financial institutions and customers, while accelerating India's transition towards clean and sustainable mobility."

Upon completion of the proposed transaction and the necessary approvals, Hiten Pal Saklani is proposed to lead BikeWo as its Chief Executive Officer and oversee the Company's business strategy, operations, partnerships and expansion while driving the integration of PositiEV Mobility into BikeWo's long-term growth roadmap. The Company plans to strengthen partnerships with OEMs, financial institutions, charging infrastructure providers and fleet operators while expanding its footprint across EV distribution, leasing, digital mobility and clean energy infrastructure.

The proposed partnership is expected to provide BikeWo access to PositiEV Mobility's growing ecosystem of dealer networks, institutional customers, financiers and strategic partners, enabling the Company to accelerate market expansion and unlock new opportunities across commercial mobility and enterprise fleet solutions. Together, the two companies aim to build one of India's most comprehensive and integrated electric mobility platforms by bringing together vehicles, financing, infrastructure and technology into a seamless ecosystem. BikeWo remains committed to supporting India's clean mobility ambitions by making electric mobility more accessible, reliable and scalable for businesses and consumers.