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Gurgaon-based Twenty Two Motors has raised $1.6 million in its pre-Series A round funding, led by Haryana Industries’ Chief Executive Officer Ishwar Singh, while Farhaan Shabbir, a former director with Harley-Davidson, also joined the round.
Twenty Two Motors was incorporated in August 2016 by Parveen Kharb and Vijay Chandrawat to make electric vehicle technology affordable for the current generation. The company promises to deliver India’s first truly smart scooter to the masses in the first quarter of 2018.
“Tremendous work has been done in the prototyping and developing of the highly effective EV since our launch. We have been able to attract the seasoned and quality talent from major auto companies. Major hurdles of developing lithium-ion battery, battery management system & smart electronics have also been resolved. This investment is an acknowledgment of our belief that we are working on the product for future generations,” said Parveen Kharb, Co-founder & CEO, Twenty Two Motors.
Twenty Two Motors had forayed into the EV domain in August 2016.
“The investment will be used meticulously to build and prove the product apart from strengthening the start-up’s human resource capabilities. Broadly, the investment will be channelled for prototype vehicle development, testing, strengthening team, component development and factory setup,” said Vijay Chandrawat, Co-founder & COO, Twenty Two Motors.
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