Wardwizard Innovations & Mobility Ltd. has announced a rights issue to fund execution of the first dispatch order under its USD 1.29 billion electric vehicle agreement with the Philippines, with deliveries of 4,500 units valued at USD 30.6 million scheduled for completion by June 2026.
The Vadodara-based electric vehicle manufacturer received delivery timelines for 4,500 units comprising electric two-wheelers, three-wheelers, and four-wheelers following prototype vehicle testing conducted last year as part of the pre-order process.
The rights issue proceeds will be used to meet delivery timelines specified in the purchase order while maintaining quality standards. The company is evaluating additional equity and debt funding options to secure funds for order fulfillment and long-term operational resilience.
Wardwizard operates under the Joy e-bike and Joy e-rik brand names and became the first listed entity on BSE in electric vehicle manufacturing. The company has established presence in over 400 cities across India with more than 10 models in its portfolio across high and low-speed categories.
The company dispatched prototype vehicles for testing last year as part of the pre-order process for the Philippines agreement. The current order represents the initial phase of the broader USD 1.29 billion electric vehicle agreement.
“The Rights Issue represents a pivotal step toward executing the initial dispatch order from the Philippines and sets the foundation for future growth. Alongside this, the company is proactively evaluating additional equity and debt funding options to secure substantial and sustainable funds for the fulfillment of this order, ensuring a strong capital base that supports long-term growth and operational resilience. This strategic infusion will position us to meet delivery commitments, and capture emerging opportunities while consistently upholding the highest standards of quality and timeliness,” said Yatin Gupte, Chairman and Managing Director of Wardwizard Innovations & Mobility Limited.
Wardwizard focuses on the Indian EV segment growth potential and promotes cleaner transportation alternatives that produce no emissions, positioning itself as an environmentally conscious manufacturer in response to carbon emissions from fuel-powered vehicles.