Wardwizard Innovations & Mobility Limited , a leading manufacturer of electric two-wheelers, has announced a groundbreaking partnership with Battery Smart, India's largest battery-swapping network. This collaboration aims to transform the electric vehicle (EV) market through innovative swappable battery technology, addressing key challenges in EV adoption.

Key Highlights of the Partnership

• Cost Reduction: The partnership introduces a 'battery-as-a-service' model, allowing customers to purchase Joy e-bikes without the battery, potentially reducing vehicle costs by 20% to 30%.
• Flexible Battery Rental: Customers can rent swappable batteries from Battery Smart on a pay-as-you-use basis, making EV ownership more accessible and cost-effective.
• Expanded Network: Battery Smart will set up its battery-swapping infrastructure across all Joy e-bike dealerships, significantly expanding its network.
• Additional Revenue Stream: Dealers and distributors will have the opportunity to install swapping stations at their locations, creating a new revenue source.

Implementation Details

• The swappable battery technology will initially be featured on Joy e-bike models such as Globe and Gen Next, with more models in development.
• The nationwide rollout is scheduled to begin in January 2026, following a phased approach.
• Battery Smart's extensive network of swapping stations is currently operational in major metros including Mumbai, Delhi, and Bengaluru.

Impact on EV Adoption

Mr. Yatin Gupte, Chairman and Managing Director of Wardwizard Innovations & Mobility Ltd., commented on the partnership: "This partnership is a game-changer for India's EV ecosystem. By decoupling the battery from the vehicle, we are tackling the two biggest barriers to EV adoption, i.e., high cost and range anxiety. This model will make Joy e-bikes more affordable while giving customers the freedom to travel farther and swap batteries effortlessly."

About the Companies

Wardwizard Innovations & Mobility Limited manufactures electric vehicles under the brand names Joy e-bike and Joy e-rik. The company has a strong presence in over 400 cities across India and offers more than 10 models in both high and low-speed categories.

Battery Smart, co-founded by IIT-Kanpur graduates Pulkit Khurana and Siddharth Sikka in 2019, has completed over 75 million battery swaps and operates 1500+ swap stations across 50+ cities in India.

This strategic partnership between Wardwizard Innovations and Battery Smart represents a significant step towards making electric mobility more accessible, affordable, and convenient for Indian consumers, potentially accelerating the adoption of electric vehicles in the country.

Wardwizard Innovations & Mobility , a prominent player in the electric vehicle industry, has reported substantial changes in the pledged shares of its promoter, Yatin Sanjay Gupte. These developments, which occurred on August 11 and 12, 2025, involve both the release and invocation of share pledges, impacting Gupte's overall shareholding and encumbered shares.

Pledge Release and Invocation Details

On August 11, 2025, a significant number of pledged shares were released following the repayment of a loan. Specifically:

• 21,36,402 shares pledged with Bikewin Trading Private Limited were released.

Simultaneously, new pledges were invoked to cover margin shortfalls:

• 4,10,000 shares pledged with Knab Finance Advisors Private Limited were invoked on August 11, 2025.
• An additional 2,00,926 shares pledged with Knab Finance were invoked on August 12, 2025.

Impact on Promoter's Shareholding

Following these transactions, Yatin Sanjay Gupte's shareholding position has been adjusted:

The changes resulted in an increase in Gupte's total shareholding percentage from 13.21% to 13.80% of the company's total equity. Conversely, his encumbered shares decreased from 11.64% to 10.59% of the total equity.

Company's Equity Structure

Wardwizard Innovations & Mobility's total equity capital remains unchanged at Rs. 26,06,93,900, divided into 260,693,900 shares of Re. 1 each.

Regulatory Compliance

In compliance with SEBI regulations, specifically Regulation 29(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, Wardwizard Innovations & Mobility has duly informed the BSE Limited about these changes in promoter shareholding.

The company's prompt disclosure of these transactions underscores its commitment to transparency and adherence to regulatory requirements, keeping shareholders and the market informed about significant changes in promoter holdings.

These developments may be of interest to investors and market analysts monitoring the ownership structure and promoter confidence in Wardwizard Innovations & Mobility.