E-mobility company Motovolt Mobility, has revealed that it has raised INR 160 million in pre-series A round.
Ankur Agarwal of Crystal Crop, Wami Capita, PPAP Automotive, Vikrampati Singhania of JK Family, and other family offices were among the strategic investors who took part in this round.
The money raised will be used largely to launch new products, launch marketing campaigns, and expand Motovolt’s distribution network across India.
Motovolt Founder Tushar Choudhary said, “ 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.”
In September,Motovolt Mobility announced the release of the URBN, a smart, feature-rich electric bike that doesn’t require any license or registration to own and ride and has a number of characteristics that set it apart from other electric bikes.