Kolkata, November 2022: Motovolt Mobility Pvt. Ltd, a leading e-mobility company, has announced that it has raised INR 160 million in a pre-series A round. Strategic investors such as PPAP Automotive, Mr Vikrampati Singhania of JK Family, Mr Ankur Agarwal of Crystal Crop, Wami Capital – Dubai based single family office and other family offices participated in this round. Mr Vikas Bagaria, founder of D2C company Pee Safe has also invested. The funds raised will primarily be used for new product introduction, marketing initiatives, and growing Motovolt’s presence through more retail points pan India.
Speaking about this, Mr Tushar Choudhary, Founder & CEO, Motovolt, said, “Motovolt has been growing from strength to strength since inception in terms of providing affordable and sustainable commute to its customers. The pre-series A funding will enable us to move 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 EV commute going forward.”
Sharing his thoughts, Mr Ramesh Ramakrishnan, Wami Capitals said, “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 the rural demand and their requirements. The high-quality products such as their affordable e-cycles have fantastic value for millions of users in India, and abroad. We look forward to working closely with Tushar and team in taking Motovolt from strength to strength in the exciting EV story of India”
JK Organisation’s Mr Vikrampati Singhania, says, our association with Motovolt Mobility is exciting as this innovative company is aiming to change the way the world moves. Tushar and his team have already demonstrated the economics of convenient, energy-efficient mass mobility solutions. We truly believe mass mobility has significant potential to impact the bottom of the pyramid, and help a wide section of the society. The market is growing very fast, and we are confident that Motovolt will continue to bring their mission to market.”
Mr Ankur Agarwal, Crystal Crop, said “Crystal Crop has reached over 35K retail points currently. Through this alliance, we aim to increase Motovolt’s product visibility through these points where we have a presence and accrue benefits mutually.”
Motovolt already commands a leadership position in the smart e-cycles category with more than 100+ POS and has recently forayed into a new category of e-bikes with the launch of “URBN”. The vision is to be present across the two-wheeler category.
Ahlawat & Associates’ (“A&A”) has played a key role in advising and taking the first funding round forward for Motovolt Mobility Pvt Ltd. Managing Partner Mr. Uday Singh Ahlawat and Senior Associate Ms. Disha Toshniwal led the deal from A&A team.