The strategic acquisition happened basis a cash-and-stock deal between BikeWo and Munim
Following the acquisition, Munim will continue to operate independently while offering technology support to BikeWo
Hyderabad, 28th February 2022: Hyderabad-based BikeWo — one of the fastest-growing EV two-wheeler smart hub networks in India, has announced the acquisition of Bengaluru-based staff management and business intelligence platform Munim App in a cash-and-stock based strategic acquisition deal. Following this acquisition, Munim will continue to operate independently, but shall simultaneously provide exclusive technology and scale-up support to BikeWo in the near future. The move is strategically-oriented and is expected to be highly beneficial in fortifying the business operations of both the start-ups over the long term.
With this acquisition, Bikewo has also absorbed the workforce and intellectual properties of Munim App into its fold. Going forward, the founders of Munim App will be handling its technology arm and shall be placed on the Board of Advisors of BikeWo, while the organizational structure of the Munim App team remains the same. Additionally, BikeWo is looking to leverage Munim App’s technological expertise to build and nurture internal and external digital processes and systems that will help them to grow exponentially and pave the way towards their strong presence across the nation.
Speaking on the development, Vidhyasagar Reddy, Co-Founder & Chief Operating Officer, BikeWo said, “The decision to acquire Munim App was taken by us keeping in mind that we at BikeWo foresee a huge scope in the years to come to digitize our staff-related data and to expand our presence across India. We believe the Munim team’s cutting-edge expertise in technology and digitalization will enable us to remotely optimally manage BikeWo’s staff attendance, salary disbursal, and workforce management, among other aspects in the near future. Since we at BikeWo have ambitious plans to grow by introducing many dealerships pan-India by 2025, having an in-house technology partner like the Munim app will allow us to be able to take on larger operations and transactions with more ease, convenience, and efficiency.”
“We are delighted to be a part of the future electric mobility revolution with BikeWo through this strategic acquisition. Over the next one year, the Munim App team will work dedicated to strengthening the back-end technology and digital interactions at BikeWo. Thereafter, BikeWo and Munim will be working together to expand our tech-enabled, digital-first offerings to many other stakeholders across the Indian EV market, including OEMs, automobile dealers, and so on,” added Anupam Shah, Founder, Munim App.
Notably, BikeWo is a revolutionary startup working in the EV domain that is bringing together technology, the environment, and people to organize a largely unorganized sector. Through its unique franchise model, BikeWo plans to expand its dealerships aggressively to 2000+ dealerships across India by 2025. On the other hand, Munim has built a mobile application to digitize workforce-related data and business intelligence and thereby provide the benefit of technology to businesses.
BikeWo is a futuristic company that works at multiple levels to serve EV customers across India; their team is trained to provide a multi-brand experience and services and to propel a seamless movement of integrated bike servicing backed by technology and innovation. Recently, popular Tollywood film actor and producer Venkatesh Daggubati has joined BikeWo as a strategic investor and brand ambassador.
BikeWo is solving critical issues and gaps in India’s burgeoning EV ecosystem by laying the infrastructure for EV battery swapping and charging points, thereby paving the path for increased adoption of electric 2-wheelers across India. They are filling the gaps for electric bike servicing and repairs and enabling the convenience of the customers. The company aims is to have a countrywide vast network of EV charging points pan-India by 2025, thus making this sector more organized and providing a better end-user experience.