Gulf Oil India Lubricants invests in E Mobility SaaS Solutions company ElectreeFi

Gulf Oil India has announced a strategic partnership through investment in equity shares in Techperspect Software Pvt Ltd ( ElectreeFi ) a leading E Mobility Solutions ( SaaS) company in India.

This strategic investment and partnership is the second move by Gulf Oil in the EV Mobility value chain after the company invested in the UK based Indra Renewables in 2021 which manufactures smart chargers for the car segment.

Techperspect, well known for its Brand ElectreeFi, are primarily a SaaS provider having expertise in implementation of IoT based eMobility Solutions. They have created IoT based eMobility Technology Platforms that has various components and offerings both for businesses and end customers in the Electric Vehicle (EV) domain in association with the leading stake holders in the Indian industry including OEM's, EV charging networks and EV battery related companies.

As a strategic investment this partnership will ensure that Gulf Oil and ElectreeFi can work together to develop solutions leveraging their strengths and play a future role in the fast-changing eMobility space for two and three wheelers and cars to start with.

Ravi Chawla, MD & CEO, Gulf Oil Lubricants India Ltd said, "We are delighted to partner with ElectreeFi. The EMobility industry in India is going through a transformational phase and we are confident that Gulf, with its strong Brand image and vast distribution strength will play an enabling role in this electrification journey in the Automotive Industry. Software is an integral and critical component of the electric mobility revolution and we intend to utilize our Pan India touchpoints as well as relationship with Automotive OEMs and Industrial Customers to leverage this alliance to providing superior solutions related to Electric Vehicle Charging, EV Fleet Management and Battery Swapping.

I am sure this partnership will grow to benefit the EV Industry as it will ensure an EV Eco System solutionbased approach to customers thereby ensuring seamless EV Charging and Battery Swapping infrastructure development, its operations & management, and easy accessibility for both, B2B and B2C segments.

Gulf has already made an entry in the eMobility sector by introducing E Fluids for Hybrid and Electric Vehicles and entered into a strategic alliance with an UK based charging equipment company, Indra Renewables, to launch Gulf Chargers in UK and Globally, including India. Gulf plans to integrate the SaaS offering by ElectreeFi to the Gulf Chargers in India.

Sumit Ahuja, Director (Business & Strategy ) and Co-founder, Techperspect Software Pvt Ltd said his Company is really excited with this Strategic Partnership as it provides ElectreeFi with a strong support to expand its Business in India and Global Markets. ElectreeFi has the distinction of being a leading, well established, trusted E Mobility Platform operating with key EV Eco System stake holders for over 4 years now and has several valued customers including the leading 2W and 4W Indian Vehicle OEMs, some of the largest Charge Point and Swap Station Indian Operators and the EV Charger and Battery OEMs. The platform is integrated with more than 35 Charger OEMs including the major Indian and Global EV Charger brands. Currently around 40% of all EV car owners use ElectreeFi platform services in some form or the other.

Adoption of Battery Swapping Technology by 2&3 Wheeler OEMs is fast gaining momentum.This will get a further push with Union Budget for 2022-23 announcing Battery Swapping Policy. ElectreeFi Battery Swapping Platform has already been successfully tested on a Pilot project by a leading EV Infrastructure provider set to launch a pan India network of Battery Swapping Stations. Discussions are at an advanced stage with a couple of leading 2-Wheeler OEMs.

ElectreeFi has worked with Charge Point Operators in Nepal and Malaysia to support their Charging Infrastructure Operations and is in talks with companies in Europe to provide the EV Charging Platform and the partnership with Gulf will provide a strong reach and support in the overseas business also.

Shares of Gulf Oil Lubricants India Limited was last trading in BSE at Rs. 476.55 as compared to the previous close of Rs. 474.90. The total number of shares traded during the day was 10473 in over 439 trades.

The stock hit an intraday high of Rs. 483.40 and intraday low of 475.00. The net turnover during the day was Rs. 4997739.00.

Source : Equity Bulls

Keywords

GulfOilLubricantsIndia INE635Q01029 Partnership Investment ElectreeFi EMobilistySolutions SaaS