Ampvolts Limited (formerly **Quest Softech (India) Limited**) is an emerging Indian **Green Mobility Solution Provider** and **Charge Point Operator (CPO)**. Following a strategic pivot in **March 2023**, the company transitioned from software consultancy to the electric vehicle (EV) infrastructure sector. Today, Ampvolts focuses on the high-growth **B2B heavy-duty electric trucking** segment, developing integrated "Green Freight Corridors" and providing end-to-end fleet management services. --- ### **Strategic Pivot & Integrated Business Model** Ampvolts has evolved from a pure-play hardware trader into an integrated ecosystem player. The company’s operations are structured to capture value across the entire EV lifecycle: * **Infrastructure Development (CPO):** Building, owning, and operating high-capacity charging hubs. The company utilizes a **COCO (Company Owned Company Operated)** model to generate recurring usage revenue. * **Fleet Operations & Logistics (LSP):** Operating as a **Logistics Service Provider**, managing heavy-duty e-truck fleets (up to **55 tons**) for corporate clients under long-term contracts. * **Hardware & Technical Services:** Trading **ARAI-certified AC & DC chargers** (upgradable from **240 kW to 360 kW**) and providing site feasibility studies, installation, and **Annual Maintenance Services (AMC)**. * **Vehicle Lifecycle Management:** Following **MOA amendments in 2025**, the company has expanded into **ICE-to-EV retrofitting**, battery-powered powertrain refurbishment, and multi-modal transport operations. --- ### **Operational Infrastructure & Key Partnerships** The company focuses on solving the "infrastructure bottleneck" for long-haul electric logistics through strategic alliances and a growing physical footprint. | Feature | Details | | :--- | :--- | | **Current Network** | **17 operational charging hubs** with **18+ months** of operational data. | | **Strategic Hub Locations** | **Mundra, Rajula, Khalapur**, and the **Mumbai-Pune Expressway**. | | **Hardware Partner** | **VerdeMobility** for high-capacity charging units. | | **Fleet Partner** | **Montra Electric (Murugappa Group)** for lifecycle support of heavy-duty vehicles. | | **Technology Stack** | Proprietary **CMS (Central Management System)** for payment gateways and real-time monitoring. | | **Energy Integration** | Partnership with **Mecpower Solutions** to integrate solar power for "True-Green" charging. | --- ### **Growth Catalysts & Major Projects** Ampvolts is positioning itself to capitalize on the projected **55% CAGR** in heavy-duty electric trucks through **FY2030**. * **GHCL Limited Contract:** A landmark long-term agreement to deploy **10 electric trucks (55 tons)** for commodity transport. This project includes a **Minimum Usage Guarantee (MUG)** for charging stations and is expected to reduce **11,000–12,000 tonnes** of $\text{CO}_2$ annually. * **Green Freight Corridors:** Developing 17 high-capacity hubs in Western India in collaboration with **Cholamandalam Leasing**, aimed at reducing **650,000 tonnes** of $\text{CO}_2$ emissions annually. * **Cab-eez Partnership:** A large-scale agreement for the leasing and deployment of **500 electric cars** to fleet operators. * **Wardwizard Collaboration:** Partnering with **Wardwizard Innovations & Mobility** to provide charging hardware and **Battery as a Service (BaaS)** solutions. * **Target Ecosystem:** Management aims to develop a **500-e-truck ecosystem** within the next **2 to 3 years**. --- ### **Financial Structure & Capital Allocation** To fund its capital-intensive infrastructure rollout, the company has undergone significant restructuring and fundraising. **Capital Raising (Rights Issue 2023-24):** * **Issue Size:** Up to **₹48 crores**. * **Terms:** **1,60,00,000 Equity Shares** issued at **₹30 per share** (Ratio **8:5**). * **Status:** As of the latest reporting, shares are partly paid-up (Total paid-up value of **₹6.5** per share for the rights units). * **Listing:** The company is in the process of listing the **1,10,93,293** shares for which first call money was received on the **BSE**. **Comparative Financial Position (Snapshot):** | Particulars (₹ in Lakhs) | March 31, 2023 | March 31, 2022 | | :--- | :--- | :--- | | **Total Debt** | **428** | **19** | | **Cash & Marketable Securities** | **4.05** | **0.48** | | **Total Equity** | **333.19** | **368.85** | | **Inventory (Traded Goods)** | **88.31 (as of Mar '25)** | **N/A** | *Note: The company consumed **₹144.98 lacs** of inventory for internal CPO deployment in the 2024-25 period.* --- ### **Corporate Governance & Risk Profile** Investors should note that the company is currently navigating a period of internal transition and regulatory scrutiny. **Governance Challenges:** * **Boardroom Dispute:** A conflict involving a former Independent Director and specific shareholders led to allegations of financial irregularity. Management has formally denied claims regarding a "missing" **₹48 crore** rights issue from March 2023, clarifying the timeline of actual fundraising. * **Regulatory Oversight:** A complaint was filed with **SEBI** in **September 2025** regarding governance lapses. While an independent audit in **July 2025** found no irregularities, some stakeholders have requested a multilevel forensic audit. * **Conflict of Interest:** Management identified a breach where a former director's law firm represented adversarial shareholders, a violation of **Section 166(4)** of the **Companies Act**. **Financial & Market Risks:** * **Liquidity & Interest Rates:** The company is exposed to interest rate fluctuations on its **₹428 lacs** of fixed-rate debt. It manages liquidity through rolling forecasts. * **Promoter Pledge:** As of **February 2023**, **4,750,000 equity shares** were pledged to **All Trade Consultants Private Limited**. * **Policy Dependency:** Growth is partially reliant on government incentives such as the **PM E-DRIVE (₹10,900 Cr allocation)** and **FAME II** schemes. --- ### **Ownership & Management** * **Promoter Group:** Acquired by **M/s AV AC DC Renew Private Limited**. * **Strategic Investor:** **System Level Solutions (India) Pvt Ltd (SLS)** holds a **24.70% stake** in the promoter entity, providing technical and strategic depth. * **Corporate Identity:** Officially changed name to **Ampvolts Limited** in **August 2024** to align with its green energy mission.