Motovolt Mobility will utilise the funds to offer new products and market initiatives
Kolkata-based Motovolt Mobility raised Rs 16 crore in funding in pre-Series A funding round.
The e-mobility start-up will utilise the funds to introduce new products and bolster its presence in retail points across India.
Investors who participated in this funding round included PPAP Automotive and WAMI Capital as well as JK Family's director Vikrampati Singhania, Crystal Crop's managing director Ankur Aggarwal, and Pee Safe's founder Vikas Bagaria.
Talking about the investment, Tushar Choudhary, founder and chief executive officer (CEO) of Motovolt Mobility, 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,” he also added.
Talking about his decision to invest in Motovolt Mobility, Singhania said, “Our association with Motovolt Mobility is exciting as this innovative company is aiming to change the way the world moves. We truly believe mass mobility has significant potential to impact the bottom of the pyramid and help a wide section of society. The market is growing very fast, and we are confident that Motovolt will continue to bring its mission to market.”