Motovolt Mobility, based in Kolkata, announced on Thursday that it had raised Rs 16 crore ($1.96 million) in a pre-Series A round.
Investors in the round included listed PPAP Automotive, Vikrampati Singhania of JK Family, Ankur Agarwal of Crystal Crop, Vikas Bagaria of D2C company Pee Safe, Dubai-based Transworld Group’s family office Wami Capital, and other family offices.
According to a press release, the company intends to use the funds to launch new products, launch marketing campaigns, and expand its presence across India by opening more retail locations.
Choudhary, who previously co-founded the now-listed Himadri Speciality Chemicals, founded Motovolt, which manufactures smart e-bikes, in 201. It operates electric bikes and two-wheelers that travel at less than 25 kmph and consume less than 250W of rated power. In India, the company operates over 35 retail outlets.
This is the company’s first round of funding. The venture had been bootstrapped by the promoters until now, with a capital infusion of Rs 24.9 crore. It now plans to increase its annual sales from 4,000 to 60,000 units in the next 12 months, as well as expand its distribution presence to more than 350 stores.
As part of the agreement, agrochemical Crystal Crop Protection will also assist Motovolt in increasing product visibility through its nationwide network of over 35,000 retail locations.
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