HOP Electric Mobility raises USD 2.6 million: Will invest over Rs. 2,000 crore in next 5 years under PLI scheme

HOP Electric Mobility has raised a funding of USD 2.6 million as part of a pre-series fundraiser. Also, the brand is planning to invest more than Rs. 2,000 crore under PLI scheme in next 5 years.


HOP Electric Mobility has received funding of USD 2.5 million as it closed a strategic round as a part of a USD 10 million pre-series fundraiser. The electric two-wheeler manufacturer has recently achieved a new milestone of establishing 105 sales touchpoints with over 6,200 electric scooters on Indian roads in 2021. With newly raised funds, the company is eyeing a 10-fold growth this year.

Ketan Mehta, Founder & CEO – HOP Electric Mobility explained the significance of the investment and the role of the investor in HOP, said “Our strategic investor, a public-listed company reaffirmed their commitment and synergies in pursuing sustainable business opportunities. The same investor has previously supported HOP Electric Mobility in becoming a successful mandate holder of the Government of India’s (GOI) ambitious INR 26,058 crore Production Linked Incentive (PLI) scheme for Auto under the New Non-Automotive Investor (OEM) category. Under this mandate, we will be investing more than INR 2000 crore in India in the next five years. The goal is to bolster India’s manufacturing capacities and boost HOP Electric’s chances of becoming a global energy mobility pioneer.”

Currently, HOP Electric Mobility has a growth rate of 50 per cent on a month-on-month basis. Also, the brand is recruiting new talent and resources for almost all of its verticals. The company is also on its course to develop Gen 2 Smart Batteries and swallowing stations to ply with the government’s idea of supporting battery swapping. By FY2023, HOP Electric Mobility will launch two new products on its global modular platform with Gen 2 batteries.

Nikhil Bhatia, Chief Operating Officer – HOP Electric Mobility said, “Investing in EV mobility is becoming the go-to choice in India. Especially because people are consciously making eco-friendly and sustainable choices. At HOP Electric Mobility, we aspire to make the entire EV ecosystem more inclusive, convenient, and cost-efficient so that everyone can become a part of this energy mobility revolution. The recently closed strategic funding is a morale booster for the entire HOP family, which is working relentlessly to provide best-in-class energy mobility solutions to your doorstep. The conviction and confidence of such prominent investors encourage us to do better every day. We are positive that this pre-seed fundraiser will soon reach its goal.”

Also Read – Volkswagen Taigun now claims 6% better mileage: Check ARAI figures here

Get live Share Market updates and latest India News and business news on Financial Express. Download Financial Express App for latest business news.

First published on: 11-05-2022 at 17:19 IST