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BikeWo Green Tech Limited has signed a Memorandum of Understanding (MoU) with PositiEV Mobility Pvt Ltd to acquire a 51% stake in the electric mobility company. The proposed transaction remains subject to due diligence, valuation, definitive agreements, and necessary regulatory approvals.
As part of the proposed agreement, Hiten Pal Saklani, Founder of PositiEV Mobility, has been nominated to take over as Chief Executive Officer (CEO) of BikeWo following the completion of the acquisition, subject to board approval and execution of definitive agreements.
According to both companies, the partnership is designed to strengthen BikeWo's presence across the electric mobility value chain by integrating EV retail, leasing, financing, charging infrastructure, battery swapping, fleet management, and after-sales services into a unified platform.
BikeWo said the proposed acquisition is aimed at addressing some of the key challenges slowing EV adoption in India, including access to financing, dealership sustainability, charging infrastructure, and fleet operations. PositiEV Mobility specializes in commercial EV distribution and leasing, while also providing integrated financing, charging, maintenance, and fleet management solutions through partnerships with OEMs, dealers, NBFCs, and fleet operators.
Upon completion of the transaction, BikeWo will gain access to PositiEV Mobility's extensive network of dealers, institutional customers, financing partners, and strategic collaborators. The company also plans to strengthen its presence in commercial electric mobility, enterprise fleet solutions, and digital mobility services, while expanding partnerships with OEMs, financial institutions, charging infrastructure providers, and fleet operators.
Hiten Pal Saklani, who also leads Xtrawrkx, brings over a decade of experience in electric mobility, manufacturing, and clean technology. Commenting on the partnership, he said, "India's EV transition is entering a defining phase where success will depend not only on vehicles but on the ecosystem that supports them. Financing, charging infrastructure, dealership sustainability, fleet management, and after-sales service must work together to make electric mobility truly scalable."
