Electric 2-wheeler maker Motovolt Mobility raises Rs 16 crore for expansion
Kolkata, Nov 24 (PTI) Electric two-wheeler manufacturer Motovolt Mobility has raised Rs 16 crore in pre-A series funding as venture capital from a clutch of investors, including Vikrampati Singhania of the JK family, a company official said on Thursday.
The funds raised will be used for new product innovation, marketing initiatives and growing the company's retail presence across the country, he said.
The other investors are Ankur Agarwal of Crystal Corp and Dubai-based Wami Capital, the official said.
Motovolt Mobility Founder and CEO Tushar Choudhary said, "The funding will enable the company to move onto the next stage in terms of expanding the product portfolio and a pan-India presence of its products." The Kolkata-based electric two-wheeler maker has been planning to raise Rs 100 crore from domestic and foreign private equity investors to foray into new products.
Motovolt Mobility, which has a presence in the e-cycle category, intends to manufacture e-scooter going forward.
"The company intends to raise Rs 200 crore. Of which Rs 100 crore will be deployed from internal accruals, and the balance from private equity investors," he said.
It is sourcing lithium-ion battery cells from China, while the packing is done at its Taratola plant in Kolkata.
The unit has a production capacity of 50,000 two-wheelers per annum. PTI DC BDC BDC