Kolkata-based e-mobility start-up Motovolt has made an initial investment of a million euro (Rs 9 crore) in German EV start-up, eROCKIT for an undisclosed stake. It is interesting to note that in November 2022, Motovolt had raised Rs 16 crore in pre-Series A funding to be utilised for new product introduction, marketing initiatives and expanding its presence in India.
This marks Motovolt’s first step towards expanding their footprint globally for sales and distribution of its electric mobility solutions. The initial investment is aimed at strengthening the product development and production of eROCKIT’s premium models at their manufacturing site in Berlin, Germany.
eROCKIT is a light electric motorcycle that is operated like a bicycle. It is the first pedal-controlled electric motorcycle, called Human Hybrid. In contrast to a pedelec, there is no direct mechanical energy transfer from the pedals to the rear wheel. In the global market, the e-motorcycle hybrid has a hefty price tag of 12,900 euro (Rs 11.42 lakh) and has a claimed range of upto 120km per charge.
Motovolt says its emphasis has been on plugging the affordable micro-mobility segment in the country. Through this strategic alliance, it also aims to leverage eROCKIT’s tech stack to enhance its entire range of products. Motovolt aims to invest around 10 million euro (Rs 88 crore) for industrialisation of eROCKIT products.
Tushar Choudhary, Founder & CEO, Motovolt said, “The deal with eROCKIT is going to make a major impact on the Indian markets, and transform the two-wheeler segment. Our aim is to benefit from eROCKIT’s knowhow to develop relevant product solutions for Indian consumers. For instance, Motovolt intends to redefine motorcycle as a category in India by significantly boosting user experience through usage of eROCKIT’s technology platform such as their futuristic drivetrains and the excellence of German engineering.”
“We will also be focusing on extensively manufacturing eROCKIT’s products domestically under the ‘Make in India’ initiative and setup a global footprint for sales and distribution of our products globally. This alliance is a major accomplishment in our journey towards building a strong and reliable international brand with a very high growth potential,” added Choudhary.
Andreas Zurwehme, Chairman, eROCKIT said, ” The investment accelerates eROCKIT’s expansion plans as a vehicle manufacturer and technology provider. It’s a strong signal for our shareholders. We are open to further investors.”