Bikewo Green Tech Ltd - Stock Valuation and Financial Performance

Bikewo Green Tech Limited was incorporated on December 9, 2016 as ‘Right Choice Automobiles Private Limited’, a private limited company under the Companies Act, 2013, pursuant to a certificate of incorporation issued by the Deputy Registrar of Companies, Registrar of Companies Central Registration Centre. Subsequently, pursuant to a resolution passed by its Shareholders in their Extraordinary General Meeting held on February 2, 2017, in order to reflect the main business in the name of the company, the name of the company was changed to ‘Right Automobiles Private Limited’ and a fresh certificate of incorporation dated February 14, 2017 was issued by the Registrar of Companies, Telangana at Hyderabad. Subsequently, pursuant to a resolution passed by its Shareholders in their Extraordinary General Meeting held on March 14, 2022 and in order to align the name of the company with its core business activities, the name of the company was changed to ‘Bikewo Green Tech Private Limited’ and a fresh certificate of incorporation dated March 25, 2022 was issued by the Registrar of Companies, Telangana at Hyderabad.

The company is an electric two wheeler retailer in India. It commenced its business operations in 2016 and its revenue from operations has been steady since then. The company since its incorporation had been engaged in the business of buying and selling of used four wheelers from authorised dealers of reputed automobile brands (New Car Dealers). As part of its pre-owned vehicle sale business, it procures used cars from New Car Dealers, who are approached by prospective customers, who wish to sell or exchange their existing vehicles for a new vehicle. Post procuring used cars through such channels, it furthers display them for sale at various sites/ park and sell outlets of its designated used car dealers. It acts as an intermediate channel between the New Car Dealers and its designated park and sell used car lots, by supplying the used cars for sale and earning a margin during the sale of such cars. It has created a small network which undertakes every element of automobile buying from searching for a vehicle, creating buying requirements, price discovery, booking, certification to purchase and financing and doorstep delivery.

Its electric vehicle business focuses on capturing the opportunity arising out of electrification of mobility in India by creating a multi-brand channel for EV two wheelers by offering franchise under its brand in the Tier-I, Tier-II and Tier-III cities. Its business model focuses on creating a dealership chain across Tier-II and Tier-III cities for setting up retail spaces which ensures high visibility and easy accessibility to customers. It focuses on deepening its presence in the regions it operates in before venturing into new markets which has led it to establish brand presence in Telangana, Andhra Pradesh, Tamil Nadu, Maharashtra and Gujarat markets. 

In addition to its defined cluster-focused expansion strategy, its dealership model helps it builds a chain of dealers who are residents of the region in which it operates and therefore are able to penetrate the markets through their market understanding and familiarity with the area and the target customers. This enables the target customers to identify with its brand as well as with its product portfolio and aids its understanding of the market segment and the customer demand preference.

Business area of the company

The company is engaged in the business of buying and selling of used four wheelers from authorised dealers of reputed automobile brands.

Awards and accreditations

• 2022: The company was bestowed with an award by Optimalmedia Solutions in recognition of the excellence achieved in electric two wheeler dealership using digital technology.

History and milestones

• 2022: The company diversified its business operations by venturing into marketing and selling of electric vehicles.
• 2022: It sold franchises of it brand to ten dealers during the first quarter of FY 2022, for opening and operating its stores in Andhra Pradesh and Telangana.
• 2023: It entered into arrangements with renowned manufacturers, namely, PuR Energy Private Limited, OLA Electric Technologies Limited and Bounce Electric 1 Private Limited for facilitating the sale of their electric two wheelers, through its authorized dealers.
• 2023: The company introduced an extended warranty of five years at an affordable cost, over and above the three year warranty offered by the manufacturers, on the electric two wheelers sold by its dealer.
• 2023: It expanded its business operations to Maharashtra, Tamil Nadu, Gujarat, West Bengal and Sikkim by appointing state dealers for maintaining stock of its products in each of these regions and further training and recruiting authorised dealers in such regions.
• 2023: It sold 1,000 vehicles in the month of March and 15,000 in the month of August.
• 2024: It sold 2,000 vehicles in the month of January.