Motovolt Mobility, an e-mobility firm, has raised Rs 16 crore or $1.9 million in its pre-series A round led by Wami Capital. Vikas Bagaria, founder of D2C company Pee Safe has also invested in the round.
Motovolt is in the smart e-cycles category with more than 100 POS and has recently forayed into a new category of e-bikes. The funds raised will primarily be used for new product introduction, marketing initiatives, and growing Motovolt’s presence through more retail points pan India.
“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,” said Tushar Choudhary, founder and chief executive, Motovolt.
Motovolt, which makes smart e-cycles, was founded in 201 by Choudhary, who previously co-founded the now-listed Himadri Speciality Chemicals Ltd. It operates electric bikes and two-wheelers that run under 25 kmph speed and consume less than 250W rated power. The company has over 35 retail stores across India.
“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,” Ramesh Ramakrishnan, Wami Capital, said.
Investment
This is the company’s first funding round. Promoters had bootstrapped the venture up until now, with a capital infusion of Rs 24.9 crore. It is now looking to grow its annual sales from 4,000 units to 60,000 units in the next 12 months and increase its distribution presence to more than 350 stores.
Kolkata-based EV startup Motovolt Mobility had launched its fleet of smart e-cycles in December 2020. The startup was launched by the co-founders of Himadri Group – V K Choudhary; B L Choudhary and Tushar Choudhary – which is said to have a turnover of Rs 2,000 crore.
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