ENCLOSED PRESS RELEASE DATED 28TH MAY, 2025
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Wardwizard Innovations & Mobility Ltd (which sells electric vehicles under the 'Joy e-bike' and 'Joy e-rik' brands) has signed an MoU with XiCon International Ltd (a Mumbai-based engineering and manufacturing firm, subsidiary of Kaiser Corporation) to lease 7,500 units of its Wolf+ electric scooter model. The deployment is spread across FY 2025-26 and FY 2026-27 and will initially roll out in Mumbai, Ahmedabad, Delhi and Pune, with plans to expand further. The scooters will be used for last-mile delivery by XiCon as it enters the electric mobility space. Wardwizard will provide uptime assurance and set up service-cum-charging stations with spare parts and technical support. Service centres will be co-branded, and Wardwizard will also supply demo units for promotions. The deal adds a sizable bulk-lease order to Wardwizard's order book and strengthens its position in the urban last-mile delivery segment.
This is a positive development for shareholders, as the 7,500-unit order provides revenue visibility for the next two financial years and validates the commercial demand for Wardwizard's leased EV model. Near-term stock reaction could be upbeat, though execution risks around timely delivery, uptime service and city-by-city rollout remain.