HOP Electric Mobility Closes A Strategic Funding Round, Sees 10X Growth This Year
- ByStartupStory | May 12, 2022
HOP Electric Mobility, an electric vehicle (EV) maker, has completed a $ 2.6 million strategic funding round as part of an ongoing $ 10 million prototype funding round. The EV startup did not reveal the investor’s name, but said it was a public company that had previously supported HOP Electric, the delegate of the 26,058 Cr Production Linked Incentive (PLI) scheme for the Indian government’s automotive industry. Under this program, startups will invest more than Rs 2,000 in India over the next five years.
HOP Electric said the new funding will help boost its manufacturing capacity. Through fundraising, startups are aiming for 10x growth this year. It claims to have reached 105 retail touchpoints in 2021 with more than 6,200 on-road scooters.
HOP Electric will soon launch its flagship electric bike, the HOPOXO. The startup has already completed 75,000km of road testing in 14 states and is preparing for commercial production. HOP OXO has passed all tests at ARAI, including the AIS 156 for batteries, and will be available in June or July. The EV startup has another electric scooter in its pipeline called HOPLY F2.0. The design and engineering cycle is complete and will be available in the October-December quarter of this year.
HOP Electric currently has three market-ready products, including two e-scooters and one e-motorcycle. The brand plans to launch at least 10 new products over the next three years. Founded by IITRoorkee graduates Ketan Mehta, Nikhil Bhatia and Rahil Gupta,
HOP Electric also has an executive team of industry experts from leading automotive companies such as Mahindra, Honda, Hero, TVS and Ather Energy. The startup currently has an annual production capacity of Rs 18,000.
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