Wardwizard Innovations & Mobility Ltd, a leading name in electric vehicle manufacturing, has announced a Rights Issue aimed at financing the first batch of shipments as part of its $1.29 billion electric vehicle contract with the Philippines. Last year, the company sent prototype vehicles for testing as part of its pre-order process. Following this, it secured delivery schedules for an order totaling 4,500 electric vehicles, including two-wheelers, three-wheelers, and four-wheelers. The order is valued at around $30.6 million and is expected to be fulfilled by June 2026.
Yatin Gupte, Chairman and Managing Director of Wardwizard Innovations & Mobility Ltd, stated, “This Rights Issue is a critical move to support the execution of our initial dispatch to the Philippines and lays the groundwork for further expansion. In addition to this, we are exploring other financing routes such as equity and debt to ensure we have sufficient resources to meet our commitments and sustain growth. This financial boost will enable us to deliver on time, maintain quality, and seize new business opportunities.” Funds raised through the Rights Issue will be specifically used to meet the delivery deadlines outlined in the purchase agreement, helping the company maintain high standards while ensuring timely completion.
Wardwizard Innovations & Mobility Ltd operates under the brand names Joy e-bike and Joy e-rik and is one of India’s top electric vehicle manufacturers. It is the first EV maker listed on the Bombay Stock Exchange (BSE), focusing on tapping the expanding Indian EV market.
With growing concerns about environmental pollution caused by conventional fuel vehicles, the company is committed to offering eco-friendly alternatives that generate zero emissions. With a product lineup featuring over 10 models across both high-speed and low-speed categories, Wardwizard has established a presence in more than 400 cities across India and aims to expand its reach nationwide.
