Motovolt Mobility raises INR 160 million funding in pre-Series A round
Motovolt Mobility raises INR 160 million funding in pre-Series A round

Motovolt Mobility raises INR 160 million funding in pre-Series A round

November 24, 2022
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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 the 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, 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 a fantastic value for millions of users in India, and abroad. We look forward to working closely with Tushar and the 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 a convenient, energy-efficient mass mobility solution. We truly believe mass mobility has significant potential to impact the bottom of the pyramid, helps wide section of society. The market is growing very fast, and we are confident that Motovolt will continue to bring its 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.

About

Wami Capitals – Headquartered in Dubai, UAE, WAMI Capital is a single family office of the Transworld group which manages a significant and diversified portfolio of different asset classes, including a diversified venture portfolio.

PPAP – PPAP Automotive Limited (PPAP) was established in 1978 for manufacturing custom-made extrusion products. Today, the company along with its subsidiaries and joint venture companies, delivers value-added products to various customers in Automotive and Ancillary Industries.

The company’s core competence is in developing Plastic and Rubber based extrusion systems as well as Plastic injection molding systems for various industries. The company also focuses on developing high precision plastic injection toolings.

The company started its journey of achieving Global Level Excellence in 1985 with the start of the Automotive Business. Over the years the company strives to delight its customers in the Automotive Industry as well as Industrial Products industry. PPAP group is poised to establish itself as a leading product solutions company in the areas of its core competence.

With the advent of electrification of the Automotive Industry, PPAP has established itself as one of the leading manufacturers of Li-Ion based Battery pack solution provider for the 2-wheeler and 3-wheeler industry.

The group has started its journey to achieving ESG standards with the objective of running the operations sustainably and responsibly. Through the company’s CSR activities, there is a constant focus on enriching people’s lives in the areas of Environment, Education, and Health. The group supports various biodiversity parks by planting and sustaining native trees to improve environmental conditions.

Crystal Crop – inspired by the noble cause of serving Indian agriculture, Crystal Crop Protection Limited is R&D based crop protection manufacturing and marketing company under the leadership of visionary industrialist Mr. Nand Kishore Aggarwal. Crystal’s products cater to the entire lifecycle of crops, from sowing to harvesting. We provide crop protection solutions to Indian farmers and assist them to maximize productivity and profitability in their respective farms.

We have integrated operations, from undertaking R&D of new molecules to manufacturing and delivering our products to farmers across India through our extensive distribution network.

JK Group – J.K. Organisation is a multinational group headquartered in India with a heritage of more than 125 years. The Group has multi-business, multi-product, and multi-location operations, with its footprints in various countries across the globe. It has overseas manufacturing operations in Mexico, Indonesia, Romania, Belgium, Portugal, and UAE

PEE Safe – Pee Safe a feminine hygiene company retails upwards of 10,000 retail counters across 100+ cities in India and exports to 15 countries along with a presence in all major e-commerce marketplaces, apart from their own online platforms. In January 2020, Pee Safe was awarded Amazon Best SMB Brand 2020 in the presence of CEO Jeff Bezos for their remarkable achievements on Amazon India, and LinkedIn awarded Pee Safe for being one of the Top 10 Startups in 2020.

The post Motovolt Mobility raises INR 160 million funding in pre-Series A round appeared first on E-Vehicleinfo.

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