Electric One Eneters Srilanka 2Wheeler Market: India’s largest EV super store chain Electric One has announced the signing of Memorandum of Understanding (MoU) with former Sri Lankan cricketer Arjuna Ranatunga. The company will enter the Sri Lankan two-wheeler market through the newly formed joint venture company ‘Electric One Lanka Private Limited’. The partnership aims to open 50 EV outlets under the co-branded name ‘Electric One Powered by AR’ across the country in the next 5 years. This joint venture will invest US$ 5 million over the next 3 years. Initially, retail and distribution will be done under the first phase and then local assembly and manufacturing will be done during the second phase.
The partnership aims to provide affordable means of transportation to people and reduce carbon footprint. This joint venture will leverage the strengths and synergies of both the partner companies, enabling them to gain a dominant position in the Sri Lankan EV market. Electric One Lanka Private Limited will launch its flagship outlet in February 2023 and over the next two years will have 9 offices in 9 provinces of Sri Lanka with multiple retailers in each district. Arjuna Ranatunga is a former Sri Lankan cricketer as well as former Transport and Civil Aviation Minister of the country. Arjuna Ranatunga is a supporter of renewable energy and his solar energy business has a wide network of offices through which the promotion, marketing-sales and distribution of electric forest bikes and scooters will be done.
Amit Das, Founder and CEO of Electric One Mobility, said that this joint venture is going to prove to be an important destination in the field of electric mobility for both India and Sri Lanka. This new innings in Sri Lanka with Arjuna Ranatunga will reshape mobility in the country. Sri Lankans will get a wide range of high quality electric scooters and motorcycles under one roof and will have access to an affordable and preferred mode of personal transport. With the support of his team under the guidance of Arjuna Ranatunga, we aim to set up a century of stores in Sri Lanka, with strong after-sales support and we are very excited to consolidate our position here. Dheeraj Tripathi, co-founder and COO of Electric One Mobility, said Electric One plans to expand to international markets in Africa, the Middle East and South Asia. We are proud to partner with Arjuna Ranatunga, who shares our vision of green mobility, in our first international venture. Soon we will be announcing participation in Nepal, GCC countries and some key African markets as well.
