Electric mobility start-up, Motovolt Mobility has received Rs 16 crore in a pre-series A round.
Strategic investors like PPAP Automotive, Vikrampati Singhania of JK Family, Ankur Agarwal of Crystal Crop, Wami Capital, a Dubai-based single-family office and others participated in this round.
The funds raised will primarily be used for new product introduction, marketing initiatives, and growing Motovolt’s presence through more retail points pan India.
“Motovolt has been growing from strength to strength since its inception in terms of providing affordable and sustainable commute to its customers. 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,” Tushar Choudhary, Founder & CEO, Motovolt, said.
Motovolt commands a leadership position in the smart e-cycles category with more than 100+ POS (points of sale) and has recently forayed into a new category of e-bikes with the launch of “URBN”. The vision is to be present across the two-wheeler category, the company 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. The high-quality products such as their affordable e-cycles have a fantastic value for millions of users in India, and abroad,” Ramesh Ramakrishnan, Wami Capitals said. “We look forward to working closely with Tushar and the team in taking Motovolt from strength to strength in the exciting EV story of India,” he added.
JK Organisation’s Vikrampati Singhania, said that the company is aiming to change the way the world moves.
“They have already demonstrated the economics of convenient, energy-efficient mass mobility solutions. We truly believe mass mobility has significant potential to impact the bottom of the pyramid and help a wide section of society. The market is growing very fast, and we are confident that Motovolt will continue to bring their mission to market,” he said.
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