Motovolt Mobility has secured $1.9 Mn in Pre-Series A funding round led by Wami Capital
PPAP Automotive, JK Group’s Vikrampati Singhania, Crystal Crop’s Ankur Agarwal and PeeSafe’s Vikas Bagaria have too participated in the funding round
The development comes a few months after Motovolt reportedly announced plans to infuse INR 200 Cr into its business in 2023
Electric two-wheeler startup Motovolt Mobility has secured $1.9 Mn in Pre-Series A funding round led by Wami Capital.
PPAP Automotive, JK Group’s Vikrampati Singhania, Crystal Crop’s Ankur Agarwal and PeeSafe’s Vikas Bagaria have also participated in the funding round.
The development comes a few months after Motovolt reportedly announced plans to infuse INR 200 Cr into its business in 2023 to develop new products and expand its manufacturing facility and sales network.
Founded in 2018 by Harvard University alumnus Tushar Choudhary, Motovolt offers smart e-mobility solutions across India. Some of its electric bikes include URBN e-Bike, Kivo Easy, Ice and Kivo 24, among others.
“Motovolt focuses on building domestic manufacturing capabilities and creating solutions ideal for the Indian market, also keeping in mind the rural demand and their requirements. We look forward to working closely with Tushar and team in taking Motovolt from strength to strength in the exciting EV story of India,” said Ramesh Ramakrishnan, chairman of Wami Capital.
Motovolt claims to have more than 100 POS across the country and has also entered into a new e-bike category after launching e-cycle URBN this year.
The startup aims to build a presence in the two-wheeler electric vehicle category.
“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 EV commute going forward,” said Tushar Choudhary, founder and CEO, Motovolt.
The startup will use the funds for expanding product offerings and introducing marketing initiatives. It will also deploy funds to set up more retail outlets across India.
In the electric two-wheeler segment, it competes with the likes of EMotorad, Hero Lecto and Toutche Electric, among others.
As per a report, India’s electric vehicle sector was pegged at $1,434 Bn in 2021. The industry is set to become a $15,397 Bn space by 2027, growing at a CAGR of 47.09% during 2021-27.
Recently, a series of developments have happened in the electric vehicle industry. This month, EV startup Corrit Electric secured $9 Mn in Series A funding round led by venture capital fund SphitiCap.
Prior to that, EV startup MoEVing secured $2.5 Mn in its ongoing Series A funding round led by JSW Ventures.
Besides that, Vahan data reported (on October 1st) that EV two-wheeler registrations in India rose by 2.3% month-on-month (MoM) to 51,679 units in the month of September. With this, registrations of EV two-wheelers surpassed the 50,500 mark in the last five months.
In October, the UP government introduced New Electric Vehicle Manufacturing and Mobility Policy, 2022 to promote the adoption of clean mobility solutions in the province. The policy also aimed to build a conducive environment for the adoption of EVs.