EV manufacturer Revamp Moto bags more than $1 mn in its pre-seed round of funding
- ByStartupStory | June 1, 2022
Revamp Moto, a producer of electric vehicles, has secured more than $1 million in a Pre-Seed funding round led by Veda VC and Venture Catalysts. IDBI Capital and angel investors such as Deven Bhandari and Ankit Kedia joined the round, as did Sharks Aman Gupta, Anupam Mittal, Ashneer Grover, and Peeyush Bansal.
Revamp Moto initially appeared on Shark Tank India during the first season, when they received money from Aman and Anupam. It is a firm that creates electric two-wheelers that allow India’s small enterprises to do business “on the move,” making it simpler for delivery agents, milkmen, vegetable sellers, street vendors, and others to utilise. To fulfil increased demand, the cash from the Pre-Seed round will give a significant boost in the employment of top people, product development, and pre-launch collaborations.
Pritesh Mahajan, the co-founder and CEO of Revamp Moto stated that, unlike other EVs, the brand’s aim is to meet the mobility demands of micro-entrepreneurs for their company as well as daily needs. RM Mitra and RM25 products are designed not just for mobility but also for companies to boost productivity and profits.
Jayesh Tope, the co-founder and MD of the company said that at the moment, micro-entrepreneurs must improvise in order to do business on their two-wheeler, which is extremely dangerous and unreliable. The firm is developing attachments that are not only safe and dependable but also enable the user to conduct business successfully. In order to make this ambition a reality, it intends to produce 50,000 vehicles by the end of 2022.
Vasant Rao, the partner at Veda VC said that the non-agricultural gig workforce will continue to increase at an exponential rate. And the adoption of EVs results in considerable savings for the workforce as well as improved unit economics for fleet owners, logistics providers, and other stakeholders. Revamp Moto is well-positioned to bring value to the whole ecosystem and boost 2-Wheeler EV adoption across the country with its 10+ use case-specific attachments.
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