Image default

Motovolt Mobility Raises Fresh Funding In Pre-Series A Round

Motovolt Mobility, a Kolkata-based electric-cycle maker, has raised Rs 16 crore ($1.96 million) in a pre-Series A round.

The funding round saw participation from investors including PPAP Automotive, Vikrampati Singhania of JK Family, Vikas Bagaria of D2C company Pee Safe, Dubai-based Transworld Group’s family office Wami Capital along with other family offices.

As per the startup, the raised funds will be used to bring new products, for marketing initiatives and grow its presence through more retail points pan India.

With this funding deal, agrochemical Crystal Crop Protection will also help Motovolt increase product visibility through its network of over 35,000 retail points in the country.

Motovolt Mobility | Go Electric

Founded by Tushar Choudhary, who previously co-founded the now-listed Himadri Speciality Chemicals Ltd, Motovolt Mobility is an electric-mobility startup operating electric bikes and two-wheelers that run under 25 kmph speed and consume less than 250W rated power.

The firm has over 35 retail stores across India.

Speaking about the development, Tushar Choudhary, founder and chief executive of Motovolt Mobility, said,

“The pre-series A funding will enable us to move to the next stage in terms of expanding not just the product portfolio but also our presence across India. In-line with the targets set by the government, Motovolt aims to become the go-to-choice for affordable electric vehicle commute going forward.”

Tushar Choudhary, Founder and CEO of Motovolt Mobility

The startup is working with a vision to develop and design smart e-mobility solutions which positively impact lives across communities and contribute towards a sustainable future.

In the next 12 months, Motovolt looks to grow its annual sales from 4,000 units to 60,000 units. The firm also looks at increasing its distribution presence to more than 350 stores.

Commenting on the development, Ramesh Ramakrishnan of Wami Capital said,

“Motovolt is one of the few Indian brands that is focusing on building domestic manufacturing capabilities and creating solutions ideal for the Indian market, also keeping in mind the rural demand and their requirements. Products such as their e-cycles have value for millions of users in India and abroad.”

Follow us and connect with us on Instagram, FacebookTwitter, and LinkedIn.

Note: If you are a budding entrepreneur and require assistance in new company registration or other startup related legal servicescontact us.

Source link

Related posts

This online learning startup is empowering job aspirants by offering courses in vernacular languages

Jason Dudley

Plant-based Protein Firm Evolved Foods Raises Rs 7.30 Cr In Funding

Jason Dudley

Q3 data reminds us that venture debt is not a Hail Mary

Jason Dudley

With Bengaluru & Pune On The Cards, InDrive Set To Take On Ola, Uber

Jason Dudley

Google-Backed NoBroker To Become The 1st Proptech Platform To Onboard ONDC

Jason Dudley

More Than Half Of UK Tech Workers Are Preparing For Layoffs

Jason Dudley

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More