Wardwizard launches rights issue for Philippines EV dispatch

Wardwizard Innovations & Mobility Ltd. (WIML) has launched a rights issue to finance the first dispatch of electric vehicles under its $1.29 billion agreement with the Philippines. This strategic move aims to support an initial order for 4,500 units, comprising electric two-wheelers, three-wheelers, and four-wheelers. This first order is valued at approximately $30.6 million, with deliveries scheduled for completion by June 2026.

The proceeds from the rights issue will be exclusively used to meet delivery timelines and maintain quality standards for the Philippines order. WIML’s chairman and managing director, Yatin Gupte, stated the company is also exploring additional equity and debt funding options to ensure a robust capital base for long-term growth and operational resilience.

WIML is a leading Indian auto manufacturer in the EV segment, operating under the brand names Joy e-bike and Joy e-rik. The company, which is listed on BSE, has a presence in over 400 Indian cities and offers more than 10 models in both high and low-speed categories.