Motovolt Mobility has raised close to ₹16 crore in a pre-series A round. The funds raised will primarily be used for new product introduction, marketing initiatives, and growing the company’s presence through more retail points across the country.
Strategic investors such as PPAP Automotive; Vikrampati Singhania of JK Family; Ankur Agarwal of Crystal Crop, Wami Capital– Dubai based single family office and other family offices participated in the round. Vikas Bagaria, founder of Pee Safe has also invested, said a press statement issued by the company.
“Motovolt has been growing from strength to strength since 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, in the statement.
Motovolt commands a leadership position in the smart e-cycles category with more than 100 POS 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.
According to Vikrampati Singhania, 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.
Ahlawat & Associates has played a key role in advising and taking the first funding round forward for Motovolt Mobility.