Motovolt Mobility, a Kolkata-based e-mobility company, has announced that it has raised Rs 16 crore funding in a pre-series A round. According to the company, the funds raised will primarily be used for new product introduction, marketing initiatives and growing Motovolt’s presence through more retail points across India.
The company’s strategic investors in pre-Series A round include PPAP Automotive, Vikrampati Singhania of JK Family, Ankur Agarwal of Crystal Crop, Wami Capital – a Dubai-based single family office and other family offices participated in this round. Vikas Bagaria, founder of the D2C company Pee Safe was also among the marquee investors.
Commenting on the latest funding round, Tushar Choudhary, Founder & CEO, Motovolt Mobility, said, “Motovolt has been growing from strength to strength since inception in terms of providing affordable and sustainable commute to its customers.”
He further added, “The pre-series A funding will enable us to move to the next stage in terms of expanding not just the product portfolio but also our presence across India. In line with the targets set by the government, Motovolt aims to become the go-to-choice for affordable EV commute going forward.”
JK Organisation’s Vikrampati Singhania said, “Our association with Motovolt Mobility is exciting as this innovative company is aiming to change the way the world moves. We truly believe mass mobility has significant potential to impact the bottom of the pyramid and help a wide section of society. The market is growing very fast, and we are confident that Motovolt will continue to bring its mission to market.”