Electric One Enters Sri Lanka Two-Wheeler Market

January 23, 2023. By News Bureau

Electric One announces the signing of a Memorandum of Understanding with the legendary cricketer Arjuna Ranatunga to enter the Sri Lankan 2-Wheeler market through the newly formed Joint Venture company - Electric One Lanka Pvt. Ltd.

This partnership will endeavour to set up over 50 retail outlets co-branded as ‘Electric One powered by AR’ stores across the country in the next five years.

The JV will invest about 5mn USD over the next three years, starting with retail and distribution in the first phase followed by local assembly and manufacturing in the second phase.

The joint venture was signed in the presence of Sri Lanka’s Cricket World Cup-winning team’s former captain, Arjuna Ranatunga, Chairman, Electric One Lanka Pvt. Ltd., Venkatesh K Rao - CEO & MD, Electric One Lanka Pvt. Ltd., Amit Das - Founder & CEO, Electric One Mobility Pvt. Ltd. and Dhiraj Tripathi - Co-Founder & COO, Electric One Mobility Pvt. Ltd.

Arjuna Ranatunga, Chairman of Electric One Lanka Pvt Ltd said “In the last couple of years people are struggling with fuel shortage and economic crisis back in the country for which I decided to enter the Electric Vehicle segment. We have been involved in solar & mini hydros for last few years. The main reason for me to get into EV’s is to reduce carbon footprint and give our future generations a clean country and a clean world. It was a pleasure meeting the founders of Electric One and I hope our partnership goes a long way.”

Amit Das, Founder & CEO, Electric One Mobility Pvt Ltd said that, “This JV is going to be a major milestone for both India and Sri Lanka in the field of Electric Mobility. The new innings at Sri Lanka with Mr. Arjuna is going to shape the way of mobility in Sri Lanka providing citizens an affordable mode of personal transport and a choice to choose from the widest and most versatile range of electric scooters and motorcycles of high quality under one roof. We are looking forward to hitting a century of stores across Sri Lanka under the able guidance of Mr. Arjuna and team sooner and are excited to strengthen our presence with strong after-sales support “.

Dhiraj Tripathi, Co Founder and COO said “Electric One plans to expand its operations into international markets of Africa, Middle East and South Asia and it’s a matter of pride that in our debut international venture, we are partnering with Mr. Arjuna who shares our vision for green mobility. We will be announcing our partnerships for Nepal, GCC countries, and some key African markets soon.”

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Sustainable Transport

Electric One

Memorandum of Understanding