Motovolt Secures Funding in the Pre-Series A Round
- ByStartupStory | November 24, 2022
On Thursday, Kolkata-based Motovolt Mobility Pvt. Ltd. announced that the company has raised $1.96 million in a pre-Series A round of financing. Investors in the round included the family office of Dubai-based Transworld Group and other family offices, as well as listed companies PPAP Automotive, Vikrampati Singhania of JK Family, Ankur Agarwal of Crystal Crop, Vikas Bagaria of D2C startup Pee Safe, and Vikrampati Singhania of JK Family. According to a press statement, the company intends to utilize the money to launch new goods, launch marketing campaigns, and expand its footprint by opening more retail locations across India.
“The pre-series A funding will enable us to move on 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 electric vehicle commutes going forward,” said Tushar Choudhary, founder, and chief executive, of Motovolt. Choudhary, who had previously co-founded the now-listed Himadri Speciality Chemicals Ltd., created Motovolt, a manufacturer of intelligent e-cycles, in 2001. It drives electric two-wheelers and motorcycles that travel at speeds under 25 kph and draw less power than their rated capacity of 250 watts. Over 35 retail locations for the company exist all over India.
The transaction’s financial adviser was Ahlawat & Associates.
“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 rural demand and their requirements. Products such as their e-cycles have value for millions of users in India, and abroad,” Ramesh Ramakrishnan, of Wami Capital, said. This funding round marks the company’s debut. Up until this point, the enterprise had been bootstrapped by the promoters with a capital inflow of Rs 24.9 crore. In the following 12 months, it wants to boost its distribution presence to more than 350 retailers and increase its yearly sales from 4,000 to 60,000 units. Agrochemical Crystal Crop Protection will assist Motovolt as part of the agreement in boosting product visibility through its network of more than 35,000 retail locations throughout the nation.
“Tushar and his team have demonstrated the economics of mass mobility solutions. We believe mass mobility has the potential to impact the bottom of the pyramid and help a wide section of society. The market is growing, and we are confident that Motovolt will continue to bring their mission to market,” said Singhania.
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