| Electric Vehicle Retail | Retail sales of electric two-wheelers through franchised dealerships | Exclusive dealership networks, strong regional presence and brand franchise rights | B2C primarily; urban EV consumers in non-metropolitan cities | Franchise dealership fees and margin on EV two-wheeler sales | 23 | 100 | Direct vehicle sales revenue and margin sharing via dealership models | Vehicle sale price-based; dealership commissions and franchise fees | Rising EV demand, government electrification policies, expanding urban mobility solutions | Bikewo franchise operated brands |
