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 icon2769 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

 

RELATED ARTICLES
Sona Comstar first component supplier to receive auto PLI certification

auther Autocar Pro News Desk calendar23 Feb 2024

Sona Comstar, which is one of the largest manufacturers of EV traction motors in India, gets the PLI certificate for its...

Yulu raises Rs 160 crore in fresh funding from Magna and Bajaj Auto

auther Autocar Pro News Desk calendar23 Feb 2024

The infusion will enable shared electric two-wheeler mobility company to quickly cater to the spurt in demand for its sh...

VinFast to break ground on Tamil Nadu EV plant on February 25

auther Autocar Pro News Desk calendar23 Feb 2024

The groundbreaking ceremony of the EV manufacturing plant in Thoothukudi will take place just over a month after the ann...