Motovolt explores PE funding for expansion

The company plans to use indigenous technology.

Autocar Pro News Desk By Autocar Pro News Desk calendar 07 Jul 2022 Views icon3116 Views Share - Share to Facebook Share to Twitter Share to LinkedIn Share to Whatsapp
Motovolt explores PE funding for expansion

Electric-cycle maker Motovolt Mobility  is  in talks  talking to both domestic and foreign private equity investors to raise Rs 100 crore funds in order to  foray into e-scooter and e-bike segments. The funds will also be utilised to ramp up its existing manufacturing capacity and expansion of retail network, the news agency PTI reported quoting company officials, Thursday. 

The company is, at present, manufacturing e-cycles at its Taratola plant near Kolkata and planning to raise funds for manufacturing e-scooters and e-bikes on the same premises for which “advanced talks are on with foreign and domestic PE investors”, Manohar Bethapudi, head (growth and strategy) told PTI.  The size of the e-scooter market is about 1.5 lakh units per month in the country, with both registered and unregistered manufacturers.

As per the report, Motovolt will depend on “indigenous technology and not on foreign knowhow”, and already has two R&D centres in Kolkata and Bengaluru. The plan is to hire around 300 to 350 people when the e-scooters and e-bikes project is completed, and to build a retail network of 250 exclusive outlets across the country. 

Also read
Motovolt Mobility launches e-cycles in Kolkata


Nissan Motor India reveals fourth-gen X-Trail ahead of launch

auther Autocar Pro News Desk calendar18 Jul 2024

The seven-seater X-Trail SUV will be brought into India as a CBU and will be available only with a petrol engine. The mi...

Royal Enfield launches Guerrilla 450 at Rs 239,000

auther Autocar Pro News Desk calendar17 Jul 2024

The Guerrilla 450 engine develops the same 40hp at 8,000rpm and 40Nm at 5,500rpm as the Royal Enfield Himalayan albeit t...

Hyundai India launches Exter dual-cylinder CNG at Rs 850,000

auther Autocar Pro News Desk calendar16 Jul 2024

The Exter compact SUV becomes the first Hyundai CNG model to get dual-cylinder technology, which deploys two smaller CNG...