India's Prabhhans to buy EV-maker Mtow in $4.53M all-share deal
What's the deal? Prabhhans Industries Limited has approved the 100% acquisition of clean-mobility firm Mtow MobilityDealroom has a profile for this one. Try Dealroom →, a transaction valued at about US$5.93M (≈$4.53 million, at current exchange rates). Its board cleared the deal, alongside a second acquisition and a capital overhaul, at a meeting in Ludhiana, Punjab, on September 30, 2026.
The detail: Mtow, incorporated in November 2023, manufactures and trades batteries, electric vehicles, and automotive components. The deal will be executed via a share swap, with Prabhhans issuing new equity rather than paying cash.
The numbers: Mtow has grown fast, with revenue rising from US$41.5K in FY2023-US$32.6K to US$1.83M in FY2024-25, and reaching US$5.22M in FY2025-26. That trajectory underpins the swap-based valuation Prabhhans is paying.
What else? The board also approved a 100% acquisition of Reown Device, a consumer-electronics refurbishment firm, for about US$9.98M. Reown reported nil turnover in FY2024-25, down from US$59.2K a year earlier.
Why now? The acquisitions push Prabhhans beyond its existing business into clean mobility and the electronics circular economy. The company called the board decisions a pivot in its "growth trajectory."
What's the endgame? To fund the swap, Prabhhans will raise its authorised share capital from US$1.63M to US$5.16M. It plans to issue up to 28.37 million new shares at US$0.56 each on a preferential basis, as consideration other than cash.
The combined value of both acquisitions is about US$15.9M. Neither deal is a related-party transaction, and completion is targeted within 30 days of stock-exchange approvals.
The signal: The all-share structure lets a smaller listed company absorb two private firms without drawing down cash, betting on equity dilution to buy into India's fast-growing EV and electronics-reuse markets. The gap between Mtow's surging revenue and Reown's flat sales will test how evenly those bets pay off.
Read more: equitybulls.com
Image credit: shankar s.
