Greaves Electric Mobility details allocation of fresh-issue proceeds as Ampere enters top five

“Two-wheeler capacity is already sufficient, so our priority now is capability building on the three-wheeler front,” said Rajappa.

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Greaves Electric Mobility (GEML) has detailed how it plans to utilise proceeds from its upcoming initial public offering, with investments directed towards product development, technology programmes, battery assembly capability, digitisation and manufacturing expansion across group entities, Chief Operating Officer and Chief Technology Officer Ram Rajappa told ETAuto.According to the company’s plans, ₹375.2 crore from the fresh issue will be deployed towards product and technology development at GEML’s Bengaluru Technology Centre. A further ₹82.9 crore has been allocated to develop in-house battery assembly capability.GEML will also invest ₹19.8 crore in expanding the manufacturing capacity of Bestway Agencies Private Limited, its wholly owned subsidiary, and ₹38.2 crore to increase the capacity of MLR Auto Limited. In addition, ₹73.6 crore has been earmarked for acquiring an additional stake in MLR Auto. About ₹27.8 crore will be used for digitisation and IT infrastructure deployment.The company said the remaining proceeds will be directed towards inorganic growth opportunities and general corporate purposes.

Rajappa said the broad allocation reflects GEML’s intention to strengthen its long-term product roadmap and technology capability. “We will put a lot of money into our R&D and product programmes,” he said, adding that manufacturing investments across subsidiaries are aligned with the company’s scaling plans.

Ampere takes the fifth spot, ahead of Ola Electric

Greaves’ electric two-wheeler brand, Ampere, moved into the top five OEMs in February. According to Vahan data, Ampere recorded 4,478 registrations, placing it fifth, just ahead of Ola Electric, which reported 3,891 units.

TVS Motor led the month with 30,511 units, followed by Bajaj Auto (24,239), Ather Energy (19,737) and Hero MotoCorp’s Vida (11,958).

Rajappa said Ampere’s performance reflects the company’s focus on addressing user needs rather than chasing volume for its own sake. “Customers are responding to what we are doing in the background. We have to keep solving problems for them and improving their experience. The rest will follow,” said Rajappa.

Product strategy: no segment shift, LFP to remain central

While Ampere’s portfolio is anchored by the Magnus and Nexus scooters, Rajappa confirmed that the next product will remain in the same segment rather than moving into a new category.On the widely discussed electric-motorcycle market, he said the mass-market commuter segment is still 18–24 months away from economic feasibility.

“Premium electric motorcycles are possible today, but the mass commuter space needs time,” he said.

Rajappa added that Greaves will continue to use LFP batteries, noting that the chemistry remains the best fit for customers on parameters such as durability, safety and cost.