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EV company Motovolt Mobility raises Rs 16 cr in per-series A funding

The funds raised will primarily be used for new product introduction, marketing initiatives, and growing Motovolt's presence through more retail points pan India

Topics
Automobile | Automobile makers | Electric Vehicles

Aryaman Gupta  |  New Delhi 



bank, credit, growth, loans, funding, capital, cash, m&a, payment
Crystal Crop, who has access to over 35,000 retail points currently, will help increase Motovolt’s product visibility through this deal

Motovolt Mobility Pvt. Ltd, an e-mobility company, has announced that it has raised Rs 16 crore in pre-series A funding led by Wami Capital, a Dubai-based single-family office.

Other investors such as PPAP Automotive, Vikrampati Singhania of JK Family, Ankur Agarwal of Crystal Crop, Vikas Bagaria - founder of D2C company Pee Safe), and other family offices 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.

Tushar Choudhary, founder and CEO, Motovolt, said, “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.”

Ramesh Ramakrishnan of Wami Capitals 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 fantastic value for millions of users in India, and abroad.”

JK Organisation’s Vikrampati Singhania said that their association with Motovolt Mobility is exciting as the company is aiming to change the way the world moves.

“Tushar and his team 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,” he added.

Crystal Crop, who has access to over 35,000 retail points currently, will help increase Motovolt’s product visibility through this deal.


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First Published: Thu, November 24 2022. 23:21 IST

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