ONGC-funded Pepfuels ventures into high-performance electric bike segment
CAKE, the Swedish premium lightweight electric motorcycle manufacturer, has entered the Indian market through a partnership with ONGC-funded Pepfuels, following its successful Asia expansion with Goldwin Inc in Japan and Kolon Automotive in South Korea.
“It’s an exciting entry into one of the fastest-growing and the world’s largest electric two-wheeler markets. The opportunity is immense, and we are humbly moving in with a step-by-step approach, to learn and do right,” says Stefan Ytterborn, CEO & Founder of CAKE.
The first stage is initiated by a market entry campaign as the bikes are being shipped and meant to arrive during August, following a first-come, first-served basis.
A limited collection of 250 CAKE Makkas constitutes the entry into India. The CAKE Makka is the first platform to be homologized for India and marks the starting point of additional models to follow. The initiative is brought forward by the founders of ONGC-funded entity Pepfuels with the brand name CollarEV.
“We are thrilled to be backing and supporting Pepfuels as they venture into the high-performance and premium electric bike segment in India,” Tikendra Yadav, CEO & Founder of Pepfuels said on 19 May 2023.
“We believe that the future of transportation lies in clean and green energy. We are taking CollarEV along with CAKE’s cutting-edge technology and are on the way to building a greener future for generations to come.
“We are incredibly proud to announce the CollarEV collaboration with CAKE to venture into the high-performance and premium electric bike segment in India, which is an untouched segment.
“We believe future synergies between CAKE and CollarEV will involve assembling and manufacturing CAKE’s existing models and developing new models for the Indian market,” Yadav said. fiinews.com
