Chennai-based electric motorcycle startup, Raptee has raised $3 million (Rs 25 crore) in Pre Series A round led by deep-tech VC fund Bluehill Capital. The all-equity funding round saw participation from Eugene Mayne, Founder and CEO, Tristar Global (UAE); Lakshmi Narayanan, Former CEO, Cognizant; Ramesh Kannan, MD, Kaynes Technology; Chandu Nair, Director, Shankara Building Products and other HNIs from India and the UAE.
The start-up says it will deploy the funds towards augmenting the manufacturing facility, acquiring machinery, tooling for the soon-to-be-launched motorcycle, and scaling up the team.
Raptee says it has filed for over 45 patents and claims to be the first Indian electric two-wheeler maker that will introduce high-voltage drivetrain technology, along with an on-board charger, thereby making it compatible with the existing CCS2 public charging network. Currently, India has over 9,000 chargers installed which is comparable to the number of fuel pumps.
The high-voltage technology that is a critical part of Raptee motorcycles will also ensure much safer battery pack, with increased battery life and most importantly will address range anxiety.
It was in March, Raptee received a grant from ARAI (Automotive Research Association of India), the certifying authority for automobiles in India, towards the design and development of the high voltage powertrain. The first motorcycle is expected to debut in early 2024, with two experience centres in Chennai and Bangalore, subsequently expanding to 8 more cities by the end of the first year.
The start-up plans to expand its team to 150 in line with the business plan. The Tamil Nadu government has allocated a 36-acres property for the company along with other incentives for scaling up manufacturing.
Dinesh Arjun, Co-Founder & CEO, Raptee, said, “India is the largest motorcycle market in the world, with EV adoption on the rise. At Raptee, we want to launch a motorcycle in a mid-premium segment for consumers who believe that EVs are a true upgrade from ICE vehicles. We are extremely fortunate to be backed by investors from the manufacturing and transportation industries who understand long-term value creation and can add strategic value for us as we gear up for production and scale-up.”
Manu Iyer, CEO & Partner, Bluehill Capital, said, “Dinesh and his co-founders have diligently built the vehicle platform indigenously with intellectual property on various aspects of the vehicle sub-system. Having evaluated over 30 EV OEMs in India and having invested deeply in the EV and clean-tech ecosystem in India, we are impressed by Raptee’s cutting-edge tech and excited to partner with them on their journey.”
Recently, the former Head of Business of Royal Enfield, Jayapradeep V, joined Raptee as Chief Business Officer. Raptee has set up its first factory in Chennai, spread across 3 acres, which will house a majority of Raptee’s Research and Development team. It aims to have an annual production capacity of 100,000 units and will serve as the primary production plant for Raptee for the next 24 months.
The start-up says its R&D centre will house state-of-the art development and testing facilities on-site and will aid in future products, while the manufacturing plant will house a dedicated battery pack assembly line. The proposed investment for the factory will be around Rs 80 crore.
