E-bike start-up EMotorad on Monday said it has acquired EV battery subscription platform Panine, which will help it strengthen its footprint in the electric vehicle (EV) charging segment, for an undisclosed amount.
The acquisition allows EMotorad to offer Panine an international platform and reach for its battery technology, it said in a statement.
The acquisition also facilitates necessary muscle power to Panine allowing it to grow to the next level while improving EMotorad’s own battery technology capabilities, it said.
It also said the acquisition will also lead to creating multiple products or form factors in the time to come.
EMotorad range of e-bikes includes the EMX, T-Rex, Glyder, Xplorer, Dolphin, Doodle, Trible and Ener-G.
Co-founded by Sachin Kumar and Nitesh Pandey in 2018, the Delhi-based Panine has mastered the area of battery technology with its products meeting design objectives of safety, long-life, and hyper-performance, the e-bike maker said.
Panine’s ultra-fast charging battery tech is based on an infra-light model which makes it easier to integrate the technology, which adds value to the end consumer, it said.
The company added that Panine has also built an associated AI engine-driven platform called Romosa that works on battery life estimation, preventive maintenance, and performance enhancement, among others.
EMotorad said Panine’s core stability will remain intact with Kumar and Pandey continuing to lead the company ahead, as both teams EMotorad and Panine work together to grow and develop further.
Following the acquisition, Kumar takes over as the head of technology, while Pandey will be the vice-president for sales and Ramya Sharma the head of software engineering and AI platforms, it said.
“The coming together of the two is a meeting place of ethics and values and offers the kind of industry impact that we wanted to bring across.
“Panine has mastered the data co-ordinated hardware space which is critical to battery technology and shall operate as a brand under the EMotorad umbrella while also helping develop our battery technology,” said Kunal Gupta, co-founder and CEO of EMotorad.
EMotorad, bootstrapped in 2020, has established its niche in the domestic market along with a successful foray into the UAE, Nepal, and Japan markets.
It is also looking to enter the US market with their products soon, said the statement.
“Panine is an infra-light platform built with machine learning algorithms and AI, which is the ultimate deciding factor in understanding battery performance.
“Our work in the area of data coordinated hardware has led to the creation of India’s first EV fast-charging network. We have seen EMotorad’s journey closely, and its acquisition of Panine will take both businesses to greater heights in the time to come,” Kumar added.