TORK Motors Raises $6M from Maxis Capital, Plans Expansion

• ByStartupStory     |    February 15, 2024

Electric motorcycle manufacturer TORK Motors has secured $6 million (INR 50 crore) in a fresh funding round from Maxis Capital.

In a regulatory filing with the Registrar of Companies (RoCs), the Pune-based EV startup announced that its board has passed a special resolution to issue and offer 6,912 Compulsorily Convertible Preference Shares (CCPS) at a face value of INR 100 each, priced at INR 72,425 per share, to raise INR 50 crore. Each preference share issued to the new investor, Maxis Capital, will convert into 1 equity share subject to the relevant conversion period.

Founded in 2010 by Kapil Shelke, TORK Motors claims to be India’s first electric motorcycle manufacturer and is backed by the Bharat Forge group and industrialist Ratan Tata, who had invested an undisclosed amount in the startup in 2019. TORK Motors also serves as a powertrain manufacturer for two- and three-wheelers.

The startup asserts to have filed over 50 patents and designs under Intellectual Property Rights since its inception. Its electric bike model, the Kratos R, boasts a range of 180 km and is priced at INR 2.1 lakh ex-showroom.

With the latest funding round, the startup is expected to have raised over $10 million to date.

According to Vahan data, TORK Motors witnessed total vehicle registrations of 1,589 units in 2023, up from 319 in the previous year. In December last year, Log9 and TORK Motors collaborated to promote interoperable charging infrastructure in the country under the Bharat Charge Alliance (BCA).

Reports indicate that the EV startup aimed to achieve monthly sales of approximately 3,500 EVs by the end of FY24 as it continued to expand its market reach. In June last year, the company inaugurated two new Experience Zones in Rajkot and Ahmedabad.

TORK Motors plans to expand its geographical reach and target 70-100 cities by the end of FY24.

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