Motovolt Mobility Raises Rs 160 Mn Pre-Series Funding Led by Wami Capital & Others

The Kolkata-based e-mobility company, Motovolt Mobility recently announced that it has raised INR 160 Mn in pre-series A round. PPAP Automotive, Vikrampati Singhania of JK Family, Ankur Agarwal of Crystal Crop, Wami Capital, a single family office based in Dubai, and other family offices participated in this round as strategic investors. The founder of the D2C business Pee Safe, Vikas Bagaria, has also contributed. The money raised will be used largely to launch new products, launch marketing campaigns, and expand Motovolt's distribution network across India.

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Motovolt's Founder and CEO, Tushar Choudhary, commented, "Since its start, Motovolt has been rising from strength to strength in terms of offering inexpensive and sustainable commutes to its clients. The pre-series A funding will allow us to advance to the next phase in terms of growing both our presence and product offerings throughout India. According to the government's goals, Motovolt wants to eventually be the top option for an affordable EV commute."

Ramesh Ramakrishnan, of Wami Capitals, shared his comments, saying, "Motovolt is one of the few Indian firms that is working on growing domestic manufacturing capabilities and creating solutions appropriate for the Indian market also keeping in mind the rural demand and their requirements. Millions of customers in India and internationally love high-quality items, like their reasonably priced e-cycles. As part of the fascinating EV story of India, we look forward to cooperating closely with Tushar and the team to grow Motovolt."

Motovolt just forayed into a new category of e-bikes with the debut of "URBN," and already holds a commanding lead in the smart e-cycles field with more than 100+ POS. The goal is to realise the vision for the entire two-wheeler market, the firm maintains.

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Ahlawat & Associates ("A&A") was crucial in providing advice and advancing Motovolt Mobility Pvt Ltd's initial fundraising round. From the A&A team, the deal was led by Managing Partner, Uday Singh Ahlawat and Senior Associate, Disha Toshniwal.

Earlier, Motovolt Mobility collaborated with CSC Grameen E-Store, E-commerce initiative, to make E-mobility a reality pan-India. The collaboration facilitated Motovolt’s affordable range of e-cycles to penetrate the remotest part of India.