Gurgaon-based Twenty Two Motors today said it has raised USD 1.6 million in an initial round of funding led by Haryana Industries CEO Ishwar Singh.
Farhaan Shabbir, former director of Harley-Davidson, also joined the investment round (pre-series A round funding), Twenty Two Motors said in a statement.
Incorporated in August 2016 by Parveen Kharb and Vijay Chandrawat, the company aims to make electric vehicle technology affordable. It aims to deliver smart scooters to the masses in the first quarter of 2018.
"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 and smart electronics has also been resolved," Kharb, co-founder and CEO, said.
The smart scooter will be fully Internet of Things (IoT) compliant and will include GPS, GPRS, Gyroscope and accelerometer. Data from these can be used to determine ride behaviour of the user.
"Investment will be used meticulously to build and prove the product, apart from strengthening startup's human resource capabilities," the company said.
Investment will also be channeled for prototype vehicle development, testing, component development and factory setup, it added.
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