| Bikewo Green Tech Limited was incorporated on December 9, 2016 as Right Choice Automobiles Private Limited', a Private Limited Company, pursuant to a Certificate of Incorporation issued by the Deputy Registrar of Companies, Registrar of Companies Central Registration Centre. Subsequently, the Company name was changed to Right Automobiles Private Limited' dated February 14, 2017 issued by the Registrar of Companies, at Hyderabad. Again, the Company name 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. As a result of this, Company got converted into a Public Limited Company and the name of Company was changed to Bikewo Green Tech Limited' and a fresh Certificate of Incorporation dated December 14, 2023 was issued by the Registrar of Companies, Telangana at Hyderabad.
The Company is an electric two wheeler retailer in India. It started business operations in 2016 and since its incorporation, the Company had been engaged in the business of buying and selling of used four wheelers from authorised dealers of reputed automobile brands. In 2022, with the advent of electrical vehicles in India, it diversified the business operations by venturing into marketing and selling of electric vehicles and sold franchise of the brand to ten dealers during the first quarter of FY 2022, for opening and operating stores in Andhra Pradesh and Telangana. The 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 brand in the Tier - I, Tier-II and Tier-III cities. The 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.
Apart from this, the Company act as an intermediate channel between the New Car Dealers and 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. It operate business activities through dealership models. It offer three types of dealerships to dealers; (i) State Dealership; (ii) Diamond Dealership; and (iii) Platinum Dealership.
The Company is proposing the Public Issue of 38,86,000 Fresh Issue Equity Shares. |