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Electrical mobility firm Motovolt Mobility has raised Rs 16 crore in a pre-series A spherical. Strategic buyers like PPAP Automotive, Vikrampati Singhania of JK Household, Ankur Agarwal of Crystal Crop, Wami Capital, a Dubai-based single household workplace and others participated on this spherical. The funds raised will primarily be used for brand new product introduction, advertising initiatives, and rising Motovolt’s presence via extra retail factors pan India.
“Motovolt has been rising from power to power since inception when it comes to offering reasonably priced and sustainable commute to its clients. The pre-series A funding will allow us to maneuver to the following stage when it comes to increasing not simply the product portfolio but additionally our presence throughout India. Consistent with the targets set by the federal government, Motovolt goals to turn into the go-to-choice for reasonably priced EV commute going ahead,” Tushar Choudhary, Founder & CEO, Motovolt, mentioned.
Motovolt instructions a management place within the good e-cycles class with greater than 100+ POS (factors of sale) and has lately forayed into a brand new class of e-bikes with the launch of “URBN”. The imaginative and prescient is to be current throughout the two-wheeler class, the corporate mentioned.
“Motovolt is likely one of the few Indian manufacturers that’s specializing in constructing home manufacturing capabilities and creating options splendid for the Indian market additionally retaining in thoughts the agricultural demand and their necessities. The high-quality merchandise corresponding to their reasonably priced e-cycles have improbable worth for thousands and thousands of customers in India, and overseas,” Ramesh Ramakrishnan, Wami Capitals mentioned. “We look ahead to working intently with Tushar and workforce in taking Motovolt from power to power within the thrilling EV story of India,” he added.
JK Organisation’s Mr Vikrampati Singhania, mentioned that the corporate is aiming to vary the best way the world strikes. “They’ve already demonstrated the economics of handy, energy-efficient mass mobility answer. We actually consider mass mobility has vital potential to impression the underside of the pyramid, helps vast part of the society. The market is rising very quick, and we’re assured that Motovolt will proceed to deliver their mission to market,” he mentioned.
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