Indian EV Company Srivaru Motors Gets Listed On Nasdaq

If you’ve not heard about Srivaru Motors, we won’t blame you, for neither did we, up until now. This Coimbator-based electric two-wheeler company has a lot of similarities with Ola Electric, and just like the Bengaluru-based EV company, Srivaru Motors also recently went public. The only difference being, instead of getting listed at the Bombay Stock Exchange, Srivaru Motors got listed overseas, in Nasdaq. 

Srivaru Motors: A Brief History

Founded by Mohanraj Ramasamy, a former Tesla employee, Srivaru Motors started its journey as India’s first electric performance motorcycle maker four years back in 2020, right when the pandemic struck. It’s first model was the Prana Grand, which was powered by a 4.32 kWh battery pack that was good for a true range of 126 km. However, with COVID-19, the company was riddled with several challenges and as was the case with many OEMs, things didn’t go as planned. 

After four years, Srivaru Motors renewed its EV journey plan and as part of that, it has come up with a new plan called Prana 2.0 that will launch in August 22. This new plan has over 100 improvements and will see the birth of two new variants of the Prana Grand – Elite and Grand. The former will be powered by an 8.44 kWh battery, and the latter will pack a smaller 5.0 kWh battery. 

So How Did Srivaru Motors Get Back On Its Feet?

As part of the brand’s Prana 2.0 strategy, Srivaru Motors created a subsidiary company called Srivaru Holdings in the Cayman Islands. This company later entered into a “Business Combination Agreement” with US-based Mobiv Acquisition Corp. This agreement helped the Indian company get listed on Nasdaq, and the company was valued at $400 million. 

A report published by an Indian publication states that one of the biggest driving factors for Mobiv Acquisition Corp to invest in Srivaru was the fact that it viewed India as an “economic powerhouse.” Coupled with Srivaru’s ambitious plan to become an Indian industrial conglomerate of all things electric mobility, which will see the brand build an entire ecosystem for future mobility, the intention was all clear. 

Moreover, Srivaru Motors also plans to build its own batteries, much like Ola Electric, which recently showcased its 4680 lithium-ion battery. The latter is the first Indian company to make such a type of battery and is also probably one of the few OEMs after Tesla to have developed this technology. 

Additionally, both Ola Electric and Srivaru Motors have also signed MoUs with Tamil Nadu to build a major EV industry in the state as part of the state government ₹50,000 crore EV policy that was launched in 2019. 

What’s The Future For Srivaru?

After Srivaru Motor’s first phase was cut short by the pandemic, the brand still managed to sell 200 units of the Prana Grand. Now with fresh investments and a renewed strategy, Mohanraj and his team will work on launching the new variants, and down the line will work towards establishing a comprehensive local EV ecosystem in the country.