The company plans to use indigenous technology.
07 Jul 2022 | 1539 Views | By Autocar Pro News Desk
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 ...
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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.