As per a report by JMK Research and Analytics, the electric vehicle sector in India has experienced multifold growth, crossing the two million mark in 2024, thus achieving a historic milestone in terms of sales. The rising environmental consciousness amongst consumers and their changing nature toward sustainability and technology has led to a significant rise in the number of EV purchases in recent times. Coupled with governmental cost-saving incentives and policies like FAME II, PM E-Drive, state subsidies and tax benefits, advancements in battery technology, and rapid urbanization, consumers are prioritizing eco-friendly options for the commute. As innovation takes centre stage, Wardwizard Innovations & Mobility Ltd. is taking the lead and shaping the future of sustainable mobility under the visionary leadership of Yatin Gupte, Chairman and Managing Director, Wardwizard Innovations & Mobility.
Driven towards innovation, the company started with the manufacture of electric bicycles in 2016, gradually expanding to three-wheelers as well. Emphasizing innovation, affordability and localized production, these innovations are designed to promote green mobility in urban and semi-urban areas. The Company has swiftly climbed the ladder of success, advancing towards its goal of making Joy e-bike and Joy e-rik household names within just eight years.
Steady & Innovation-Driven Growth
Since its inception, Wardwizard Innovations & Mobility has been working relentlessly to revolutionize the landscape of electric vehicles across India. Its flagship brand, Joy e-bike, epitomizes this mission. Beginning its journey with electric bicycles, the company quickly expanded into low-speed electric scooters, introducing its first model, Butterfly, in 2018. Today, it boasts a diverse portfolio of over ten electric two-wheeler models, including both high-speed and low-speed variants and over five models in the three-wheeler segment.
With over 750 touchpoints and 150+ exclusive showrooms across 19 states and 3 union territories, the Company has firmly established its presence nationwide. Adding to this success, the Joy e-bike family has grown to over 100,000 satisfied customers, celebrating a remarkable milestone of selling 100,000+ electric two-wheelers since its inception.
Yatin Gupte says, “At Wardwizard Innovations & Mobility, we are dedicated to contributing to India’s transition toward sustainable mobility. As one of the leading manufacturers in the EV sector and the first EV manufacturer listed on the Bombay Stock Exchange (BSE), we are focused on expanding green mobility solutions through innovation and localized production.”
Wardwizard Innovations & Mobility also showcased its first hydrogen-powered electric two-wheeler at the Bharat Mobility Global Expo 2024. The Company has signed an MoU with the Government of Gujarat to invest ₹2000 crores in developing an EV ancillary cluster, creating over 5000 jobs and significantly boosting the regional job market.
Commitment To Sustainability
Wardwizard Innovations & Mobility is driven by its aspiration to create a transportation mode that is flexible, efficient, easily integrated, clean and safe. This aspiration stands on the strong foundation of its core values, which include teamwork, empowerment, customer satisfaction and sustainable growth. With these principles, the company aims to be a catalyst for change, promoting initiatives, collaborations and investments that will make green mobility an everyday reality.
The designed vehicles address the challenges of Indian roads by leveraging a combination of advanced technology with best-in-class features to ensure safety, reliability and practicality for both drivers and passengers. The vehicles feature digital instrument clusters, geo-fencing and USB ports, along with several other features, making advanced technology accessible to all customers. Additionally, the company recently launched “Nemo- Built for the Bold”, a high-speed electric scooter under the Joy e-bike brand, offering modern features and a stylish design for urban commuters.
Beyond its focus on sustainability, the company designs its products to cater to the varied needs of a diverse client base. The introduction of Joy e-rik demonstrates the Company’s vision to provide sustainable, affordable and efficient last-mile connectivity solutions. Its L5 Loader boasts an integrated GPS system, geo-fencing and cloud-based vehicle management, which allows it to offer advanced connectivity and control.
“Our models, including Joy e-rik (L5) and Joy Bandhu (L3) for passengers, as well as Joy Eco for commercial use, are designed to minimize carbon footprints while providing sustainable and efficient transportation solutions. Through these innovations, we strive to accelerate the transition to a cleaner and greener future”, adds Yatin Gupte.
Committed to sustainability, Wardwizard Innovations & Mobility has penned key partnerships to strengthen its EV ecosystem and accelerate green mobility adoption. Collaborating with SpeedForce, the Company is enhancing its after-sales service network to provide quicker and more accessible support for Joy e-bike customers across India. Additionally, a partnership with Ampvolts Limited focuses on developing advanced EV charging infrastructure, both domestically and internationally, to facilitate seamless EV adoption. The Company has recently ventured into fleet operations and last-mile mobility in collaboration with SpeedforcEV under the Optimotion banner. Marking this milestone, the first batch of 100 vehicles was deployed in Hyderabad.
Furthering its commitment to affordability, the firm has signed an MOU with Mufin Green Finance to offer financing solutions for electric three-wheelers, enabling broader accessibility for passenger and commercial vehicle users.
Addressing Critical Challenges
The advancements in battery technology have played a pivotal role in facilitating the development of highly efficient and stable lithium-ion batteries. This has enabled a significant leap forward in the adoption of electric vehicles, addressing concerns related to range and charging infrastructure.
“At Wardwizard Innovations, we understand that vehicle range and battery performance are crucial factors in the adoption of electric three-wheelers. To address these challenges, we have formed a strategic partnership with C4V, a New York-based lithium-ion battery technology company. Through continuous advancements in battery technology and strategic partnerships, we aim to make electric mobility more accessible and affordable for a wider audience, supporting a cleaner and greener future”, Yatin further added.
Leveraging this collaboration, the Company utilizes C4V’s expertise in battery cell design and thereby optimizes and enhances the performance of its electric rickshaws. The unique needs of its electric vehicle portfolio encompassing high-speed scooters and three-wheelers is met by customization of the advanced battery cells.
The establishment of Wardwizard Global Pte Ltd in Singapore, in partnership with A&S Power, is a strategic move to position the Company at the forefront of lithium-ion cell production. This move is instrumental in realizing the vision of establishing India’s first EV ancillary cluster in Gujarat. The synergy with A&S Power, a renowned technology provider, exemplifies a commitment to driving research, innovation and the development of cutting-edge next-generation Li-ion cell technology.
Make in India
Wardwizard Innovations & Mobility goes beyond EV manufacturing, aspiring to be a catalyst and driving force behind India's EV revolution. Spanning across an area of 100 acres stands India’s first EV Ancillary Cluster envisioned to electrify the entire ecosystem and align seamlessly with the state's vision of green mobility. The cluster, fueled by the vision of self-reliance, shall drive research and development of electric two and three-wheelers, setting up a motor assembly line, lithium-ion cell production, and developing ancillaries under one roof to manufacture essential components like Motor, Battery, Chassis, Steel parts, Chargers, Controllers, all under one roof at Vadodara.
A monumental development in this phase is the Memorandum of Understanding (MoU) of ₹2,000 crores inked with the Government of Gujarat for establishing an EV ancillary cluster in Vadodara. This visionary move aims to make Gujarat the next sought-after EV Hub of India. This move shall not only boost the EV infrastructure of the state but shall also generate employment 5000+ employment opportunities.
Future Roadmap
Strategically expanding its operations, Wardwizard Innovations & Mobility now serves both domestic and international markets. A landmark achievement is the $1.29 billion order from Beulah International Development Corporation in the Philippines. This order includes electric two-wheelers, three-wheelers, and the development of four-wheelers for commercial use, marking a significant milestone for the Indian EV manufacturer. The Company has developed a customized electric three-wheeler, the e-Trike (driver + 10), designed to enhance public transportation in the Philippines with its eco-friendly and efficient features. Wardwizard Innovations & Mobility has also formed notable associations with global players.
The company has expanded its operations in India by inaugurating a new assembly line facility for electric two-wheelers in Deoghar, Jharkhand. This strategic move aims to meet the growing demand in the Eastern and Northern regions of India and also to serve the export market in Nepal.
Wardwizard Innovations & Mobility's future will prioritize intensive R&D for improving the efficiency, safety, and performance of its existing products while investing in innovation to expand its portfolio further. It plans to leverage technological trends in order to embolden its position, ensuring long-term growth, and a leading position in the industry.
Making Sustainable Mobility Accessible to All
● Wardwizard Innovations & Mobility is on the mission to make sustainable mobility accessible to every demographic, by making its products affordable without compromising on quality or features.
● The company has partnered with Mufin Green Finance, a prominent NBFC specializing in electric three-wheeler loans. The strategic partnership between the two is focused on designing customized financing solutions for its L3 Passenger and L5 Cargo electric three-wheelers.
● All the vehicles are also insured by Bluebells Insurance Broking Pvt. Ltd., providing customers peace of mind and tailored solutions.
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