Motovolt Mobility Raises Rs 160 Mn In Pre-Series A Round

Motovolt Mobility an e-mobility company raises Rs 160 million in a pre-series A round. Strategic investors such as PPAP Automotive, Vikrampati Singhania of JK Family and many others

Motovolt Mobility, an e-mobility company, raises Rs 160 million in a pre-series A round.  Strategic investors such as PPAP Automotive, Vikrampati Singhania of JK Family, 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, 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.”

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 their mission to market.”

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. Managing Partner Uday Singh Ahlawat and Senior Associate Disha Toshniwal led the deal from A&A team.

Tags assigned to this article:
electric vehicles mobility

Around The World