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.”
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.”
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