Joy e-Bike Franchise
Listed EV maker Wardwizard's two-wheeler brand; 606 dealers on locator; dealer investment bands ₹15 L to ₹50 L+; margin unpublished.
Joy e-Bike franchise at a glance (terms checked Sept 2026)
Investment
₹15 L - ₹50 L
Partly published by the brand · Below the category (typical ₹33.75 L–₹1.22 Cr, median ₹37.5 L, 7 verified brands)
Ongoing take
No royalty — you earn a margin
Franchise fee
No franchise fee
Payback
Not published
- Disputes with franchisees: None found (records checked Sep 2026)
- Profit or loss: Profit of ₹1.9 Cr in FY26
- Company standing: Active and up to date with the registrar
Franchisor strength isn't franchisee profit — check real outlet numbers.
Outlets
606 verified
Brand claims 750
What we couldn't verify
- • Outlet closures
- • Franchisee satisfaction
- • Network growth
- • Can sell the business
Ask before you sign
- Speak to at least 3 franchisees who have run an outlet for 2+ years and see their actual monthly sales and profit — a franchisor making money doesn't mean its franchisees do.
- Ask for every upfront payment in writing — deposit, onboarding, equipment or stock — and which parts are refundable.
- Ask exactly how your margin or commission is calculated, when it's paid, and whether the brand can change it.
Franchise terms checked against Joy e-Bike's official dealership page on 27 Sept 2026. Figures marked * aren't published by the brand — they come from other published sources or our own estimate, and aren't verified.
Ways to Partner with Joy e-Bike
2 partner models published by the brand. Figures it doesn't publish are left blank.
Joy e-Bike dealer
- Investment
- ₹15 L – ₹50 L
- Space
- —
- Royalty / margin
- Dealer margin on vehicle sales — not published
- Who it suits
- Form asks for 1–5 or 5+ years of prior dealership experience, in automobiles or other sectors
Dealers buy vehicles only from their district showroom distributor (WIML rights-issue document, Jan 2025).
Showroom distributor (district level)
- Investment
- —
- Space
- From 1,500 sq ft
- Royalty / margin
- —
- Who it suits
- —
WIML describes 1,500 sq ft showrooms with finished interiors that supply the dealers in their area; it planned 150 more by elevating top taluka dealers. Investment not published.
Investment Tiers
Franchisor's own figuresJoy e-Bike publishes a tiered investment structure rather than a single flat range — the amount and expected return scale together.
| Tier | Investment |
|---|---|
| Band 1 | ₹15 L |
| Band 2 | ₹20 L |
| Band 3 | ₹36 L |
| Band 4 (above ₹50 L) | ₹50 L |
Our Estimates
FranchiseChuno estimateJoy e-Bike doesn't publish these, so here is our best read of the market and how we got there. They are our estimates, not the brand's figures — use them to plan, then confirm the real numbers in writing.
Dealer margin on each vehicle
About 6–10% of the ex-showroom price*
Joy e-Bike publishes no dealer margin. In our assessment, electric two-wheeler brands in India typically leave dealers a single-digit to low-double-digit margin on the vehicle, with extra income from accessories, service and spares. Because Joy dealers buy through a district distributor, part of the channel margin sits with that distributor — so assume the lower half of the range until you see the rate card.
Category benchmark · Sep 2026
Registered sales per dealer
Roughly 7 registered vehicles per dealer a year (2025)*
Vahan registrations reported by Entrackr were 4,288 Joy two-wheelers in Jan–Nov 2025, about 4,700 annualised, spread across the 606 dealers on the locator — about 7–8 each a year. Low-speed scooters don't need registration, so real sales per dealer are higher, but this shows how thin high-speed volumes are.
Unit-economics model · Sep 2026
Reputation & News
5 red flags to checkWhat the press, courts and real franchisees or customers have said about Joy e-Bike — summarised by us, with every source linked.
⚠ Scam alert
Brand warns of fake franchise agents
Joy e-Bike says it has not appointed any third-party agency or individual to appoint franchisees, and that neither it nor its dealers ask for OTP, CVV or card details.
Source: Joy e-Bike — Beware of Frauds (the brand's own site)- In the news· Dec 2025
Joy e-Bike's maker posts flat FY25 revenue and a 53% profit fall
Wardwizard's revenue slipped about 5% to ₹305 Cr in FY25 while profit fell to ₹6.3 Cr from ₹13.4 Cr; product sales fell and service revenue rose. Vahan data showed monthly sales in the low hundreds in late 2025 (276 units in November).
Source: Entrackr - Customer view· Sep 2026★ 2.3/5 · 89 ratings
Owners rate the Joy e-Bike Wolf 2.3 out of 5
On BikeWale, the Wolf scooter averages 2.3/5 from 89 ratings, most of them one-star. Recurring complaints are weak after-sales service, hard-to-find spares, shorter-than-claimed range and early battery failure.
Source: BikeWale owner reviews - In the news· May 2026
FY26: revenue down 19%, profit ₹1.9 Cr
WIML's audited consolidated results show FY26 revenue from operations of ₹246.9 Cr, down from ₹304.9 Cr, and profit of ₹1.89 Cr against ₹6.36 Cr. The board also approved a rights issue of up to ₹100 Cr.
Source: WIML audited results (BSE filing) - In the news· Jan 2025
Offer document flags low plant use and delayed statutory dues
WIML's Jan 2025 draft letter of offer says plant utilisation was about 11% in H1 FY25 because of a working-capital shortage, that it had paid interest and penalties for delayed GST, ESIC and tax payments, and that most revenue came from promoter-group companies.
Source: WIML draft letter of offer (BSE) - regulatory· May 2026
₹12.36 Cr customs duty demand under appeal; income-tax search in 2024
WIML's FY26 audited results say Customs (Nhava Sheva), after a DRI inquiry, demanded ₹12.36 Cr of differential duty plus interest and penalties; an adjudication order came in Feb 2026 and WIML appealed in Apr 2026 without making a provision. The auditor flagged it as an emphasis of matter. The notes also say income-tax officials searched WIML's corporate office and plant in Feb 2024 and that the financial impact cannot yet be assessed.
Source: WIML audited results FY2025-26 (notes 6–7; auditor's report)
Show 2 moreShow fewer
- In the news· Jun 2024
Wardwizard signs a $1.29 billion supply pact with a Philippines firm
WIML, described as the maker and owner of Joy e-Bike, announced an order worth $1.29 billion from Beulah International under an MoU to supply electric two-, three- and four-wheelers for Philippine public transport.
Source: The Hindu - Award· Jul 2023
Named a Fastest Growing Brand 2023 by Asia One
Wardwizard says Joy e-Bike was recognised by Asia One as a fastest-growing brand in the EV manufacturing category in July 2023.
Source: Wardwizard company history
Model range
- Mihos
- Wolf+
- Gen Next Nanu+
- Nemo
- Hurricane
- Thunderbolt
- Beast
- Glob
- Wolf
- Gen Next Nanu
- E-Scooter Eco models
Source: Joy e-Bike website
Key Terms at Joy e-Bike
The clauses that shape day-to-day running and your exit — read these before the fee.
- Supply & stock
- Existing dealers are required to purchase bikes exclusively from the district showroom distributors; new dealers are appointed through WIML's regional channel sales managers (rights-issue document, Jan 2025).
- Other terms
- WIML sells the vehicles it makes to its promoter, Wardwizard Solutions India Pvt Ltd (and two other promoter-group companies), which markets them through the dealer network; 50–68% of WIML's revenue came from these group companies in FY23–H1 FY25. Check which company signs your dealership agreement.
Legal & Contract Summary
Key contract terms at a glance — read before you sign.
Agreement Type
You buy and resell the brand's products
Contract Duration
—Renewal Available
—Territory Exclusivity
—Non-Compete Clause
—Exit Clause
—Who Can Apply for Joy e-Bike
Conditions the brand sets for partners, and the licences the business needs.
- Prior dealership experience: Form options: 1–5 years or 5+ years, in automobiles or other sectors (not stated as mandatory)Preferred
- Investment capacity: Bands of ₹15–20 L, ₹20–35 L, ₹36–50 L or above ₹50 LRequired
About the Brand
Brand USP
Low-speed and high-speed electric scooters and motorcycles from a listed Indian EV maker with its own Vadodara plant.
Why invest in Joy e-Bike?
Joy e-Bike by the Numbers
Source marked on each figure606
Dealers on store locator · Sep 2026
Store locator750+ dealers, 150+ showroom distributors
Dealers and distributor showrooms · Jan 2025
Company filing1,00,000+ e-two-wheelers
Cumulative sales · Jan 2024
Brand claim1 lakh+ units a year on a single shift (Vadodara)
Plant capacity
Brand claim₹246.9 Cr (down 19%)
FY26 revenue · FY26
Company filingJoy e-Bike Outlet Network
By state · Sep 2026
- Uttar Pradesh146
- Maharashtra89
- Madhya Pradesh61
- Gujarat57
- Rajasthan56
- Bihar43
- West Bengal25
- Tamil Nadu19
- Punjab18
- Odisha13
- Chhattisgarh13
- Jharkhand12
+ 13 more
By channel · Jan 2025
- Dealers (rights-issue document)750
- District showroom distributors150
- Company-owned retail outlets (more than)25
Cities with Outlets
Show all 50 citiesHide the city list
Company Financials
Brand-level, publicly reportedThe franchisor's own company health — separate from what a single franchise outlet earns.
Revenue (FY26)
₹246.9 Cr
Net profit (FY26)
₹1.89 Cr
Employees (Jun 2025)
150
Source: Tracxn — Wardwizard, funding and headcount (Sep 2026)
A profitable franchisor doesn't mean profitable franchisees. These are the company's numbers, not an outlet's. A franchisor can grow on fees and supplies while outlets struggle — talk to existing franchisees and see their accounts before you decide.
Company Health Check
What Joy e-Bike's franchisor company has filed with the registrar and the courts — the checks a lawyer would run before you sign.
- Status with the registrar
- Active
- Annual filings
- Up to date
- Last AGM
- 30 Sep 2025
- Paid-up capital
- ₹30.08 Cr
- Auditor
- VCA & Associates, Vadodara
Group companies
- Wardwizard Solutions India Private Limitedpromoter · 54.45%
- Yatin Guptepromoter
- Garuda Mart India Private Limitedpromoter
- Aevas Business Solutions Private Limitedpromoter
- Wardwizard Global Pte LtdSubsidiary
Source: Tracxn (MCA filings; compliance as of 12 May 2026) and WIML's FY26 audited results (auditor's opinion unmodified, with an emphasis of matter on a customs duty demand) (checked Sep 2026)
Full company recordsFinancials year by year, registered details, leadership and timelineShowHide
Joy e-Bike Financials Over Time
Figures for the brand, from filed or reported accounts.
Source: Tracxn — WIML filings (pre-scale year) · Tracxn — WIML filings · WIML audited results (FY25 comparative); EBITDA from Tracxn · WIML audited consolidated results FY2025-26 (BSE filing)
A profitable franchisor doesn't mean profitable franchisees. These are the company's numbers, not an outlet's. A franchisor can grow on fees and supplies while outlets struggle — talk to existing franchisees and see their accounts before you decide.
Company Profile
The legal entity behind the brand, its leadership, and its official channels.
- Registered name
- Wardwizard Innovations & Mobility Limited
- Company type
- Public Listed
- CIN
- L35100MH1982PLC264042
- Incorporated
- 20 Oct 1982
- Headquarters
- Vadodara, Gujarat
Leadership
- YYatin GupteChairman & Managing Director, Wardwizard; CEO, Joy e-Bike
Social presence
Company details source: Tracxn — company filings
Joy e-Bike Timeline
Mar 2016
Wardwizard founded
Set up under Yatin Gupte (Chairman & MD).
SourceOct 2018
First Joy e-Bike scooter
Low-speed scooter Joy e-Bike Butterfly launched.
SourceOct 2019
Listed on BSE
Acquired a BSE-listed company and renamed it Wardwizard Innovations & Mobility Ltd.
SourceJan 2021
Vadodara plant inaugurated
Capacity of over 1 lakh two-wheelers a year on a single shift.
SourceJan 2023
Mihos and Joy e-Rik launched
Made-in-India Mihos scooter; entry into three-wheelers at Auto Expo 2023.
SourceJan 2024
1,00,000 unit sales
Crossed 1,00,000 electric two-wheeler sales in India.
SourceJun 2024
$1.29 billion Philippines order
MoU-based order from Beulah International for electric vehicles.
SourceDec 2025
FY25 results reported
Revenue ₹305 Cr (-5%); profit ₹6.3 Cr (-53%).
SourceMar 2022Announced plan
Plan for 1,500+ dealerships
WIML said it planned more than 1,500 Joy e-Bike dealerships in FY23; its locator showed 606 dealers in Sep 2026.
SourceMay 2026
FY26 results and ₹100 Cr rights issue
Revenue ₹246.9 Cr (−19%), profit ₹1.89 Cr; board approves a rights issue of up to ₹100 Cr.
Source
FranchiseChuno Analysis
Our analysis of verified dataHow Joy e-Bike looks once the numbers are checked side by side.
- •Investment in line with the Automobile & EV medianMidpoint ₹32.5 L vs a category median of ₹37.5 L across brands on FranchiseChuno.
- ✓The franchisor company is profitableIts latest filed accounts show a net profit. That's the franchisor's money, not yours: a profitable franchisor doesn't mean its franchisees make money. Check real outlet numbers before you invest.
- ✓Brand operating for 10 yearsFounded in 2016. The brand doesn't state when franchising began.
- ✓Outlet claim matches its store locator606 outlets on its own store locator (Sep 2026), in line with the 750 it claims.
- !2 red flags in the news or public discussionSee Reputation & News below, and ask the brand to address each one.
Data completeness
55%
- ✓ Terms checked against the brand's own page
- ✓ Published investment (not an estimate)
- ○ Franchise fee
- ○ Royalty
- ○ ROI or payback claim
- ○ Agreement term
- ○ Training details
- ✓ Outlet cities verified
- ✓ Company financials
- ✓ Legal entity
- ✓ News & public opinion checked
Ask Before You Sign
Questions tailored to what Joy e-Bike does and doesn't publish.
- 1Speak to at least 3 franchisees who have run an outlet for 2+ years and see their actual monthly sales and profit — a franchisor making money doesn't mean its franchisees do.
- 2Ask for every upfront payment in writing — deposit, onboarding, equipment or stock — and which parts are refundable.
- 3Ask exactly how your margin or commission is calculated, when it's paid, and whether the brand can change it.
- 4Ask for the agreement term, renewal fee and exit or transfer terms.
- 5Ask whether you get an exclusive territory, and how large it is.
- 6Ask the brand to respond to each red flag listed under Reputation & News.
- 7Have a lawyer review the franchise agreement before paying anything.
- 8Visit 2–3 existing outlets and speak to their owners without the brand present.
Running the outletSpace, staff, launch steps, training, support and who does whatShowHide
Operations Required
What you'll need on the ground to run this franchise day-to-day.
Area Required
—
Staff Needed
—
Setup Time
—
Owner Involvement
—
Best Locations
Not published
Business Type
Not published
Training & Support
What the brand provides to help you launch and run your franchise.
Operations Manual
Step-by-step playbook for running the outlet
Supply Chain Support
Vendor sourcing, inventory & logistics
Technology / POS
Billing, inventory, and management software
Marketing Support
National & local marketing campaigns
Launch Support
Pre-opening setup and grand-opening assistance
Ongoing Field Support
Regular visits and operational coaching
What Joy e-Bike franchisees say
We haven't yet heard from enough Joy e-Bike franchisees to show anything. We publish totals once 3 or more people who run an outlet have answered and we've called each one to check.
I run a Joy e-Bike outlet — share how it wentFrequently Asked Questions
What is the total investment for a Joy e-Bike franchise?
Who does a Joy e-Bike dealer buy vehicles from?
How many Joy e-Bike dealers are there?
Is the company behind Joy e-Bike profitable?
Does Joy e-Bike appoint dealers through agents?
Do I need prior dealership experience?
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