Motovolt explores PE funding for expansion
The company plans to use indigenous technology.
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.
RELATED ARTICLES
Allison Transmission to double capacity at Chennai plant, invest over Rs 800 crore
As part of its strategy to meet increasing global demand for its fully automatic transmissions, the US-based propulsion ...
Suzuki to build new biogas plants in India, inks MoUs with Amul Dairy and Dudhsagar
Suzuki Motor Corp, which is already working with NDDB and Banas Dairy in Banaskanta, Gujarat, to set up five biogas prod...
Saera Auto to supply e-carts to logistics company Porter in Delhi and Bengaluru
The pilot project will roll out in Delhi and Bengaluru with the initial projection of 500 vehicles per month. Saera Auto...