| Electric Vehicles - Two Wheelers and Three Wheelers | Manufacture and sale of electric scooters, bikes, rickshaws and three-wheelers for personal and commercial use. | Extensive dealer network, product diversity, technology partnerships, government incentives, and emerging battery tech R&D. | B2C individual consumers and B2B fleet operators and commercial users in urban and semi-urban India. | High-speed electric two-wheelers and fleet leasing. | 204 | 67 | Revenue from direct vehicle sales and aftermarket services through dealerships and fleet sales. | Direct sales, fleet leasing models, and service contracts; competitive pricing aided by government subsidies. | Government EV push, expanding charging infrastructure, rising fuel costs, and fleet adoption. | Joy e-bike, Joy e-rik, Nemo, Wolf+, MIHOS |
| Sale of Services including Fleet and After-sales | Fleet leasing, maintenance, battery swapping services, and after-sales support. | Integrated fleet solutions, innovative battery swapping technology, and customer retention through services. | Fleet operators, commercial delivery companies, and retail customers requiring maintenance & charging services. | Battery-as-a-Service (BaaS) and fleet maintenance services. | 99 | 33 | Recurring revenue via subscription and service contracts from fleets and individual customers. | Subscription based, pay-per-use (battery swapping), and service fees. | Rise of fleet operations, demand for low TCO, strategic partnerships for charging and battery swapping. | Joy e-bike Fleet Operations, Battery Smart partnership for swapping |
