MNC To Acquire Pune Startup Designing Hybrid Powertrain For Vehicles

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Pune, 12th May 2024: A multinational company (MNC) has offered to acquire a struggling startup, Rovers Energy Private Limited, founded by Mukul Potdar, for its hybrid powertrain technology and its team.

Sources say the MNC has offered Potdar, the designer of the powertrain, a cash payout to complete the pending projects and clear the dues along with a role in the company with an annual package of Rs 75 lakhs.

Rovers Energy, a company focused on EV technologies, has been facing financial difficulties since last year and has been seeking funds. The Singapore and Malaysia-based MNC has offered Potdar an “aquihire” deal, acquiring both the startup’s technology and its team.

Potdar was unavailable for comment.

Rovers Energy’s legal counsel confirmed that the startup submitted a proposal to investors in January this year and is awaiting a response. “If an offer has indeed been made, the founders and their team will consider it and make an appropriate decision.”

Akshay Kshirsagar, a director of the company, told Punekar News, “Yes, there were some discussions in this regard and the Terms and Conditions of the deal will be finalized after the consultation with our advisors.”