Motovolt Mobility, an e-mobility firm, has raised Rs 16 crore or $1.9 million in its pre-series A round led by Wami Capital. Vikas Bagaria, founder of D2C company Pee Safe has also invested in the round.
The funds raised will primarily be used for new product introduction, marketing initiatives, and growing Motovolt’s presence through more retail points pan India.
Motovolt is in the smart e-cycles category with more than 100 POS and has recently forayed into a new category of e-bikes.
Kolkata-based EV startup Motovolt Mobility had launched its fleet of smart e-cycles in December 2020. The startup was launched by the co-founders of Himadri Group – V K Choudhary; B L Choudhary and Tushar Choudhary – which is said to have a turnover of Rs 2,000 crore.
Motovolt says its range of smart e-cycles have been designed taking into consideration users comfort, riding conditions and riding behaviour. In addition to this, the batteries and the electric drive unit have also been indigenously designed to provide long life and consistent performance.
Wami Capital has a portfolio of close to 50 startups across India, Israel, Middle East and the United States. The fund has backed ShareChat, Charge+zone, Skyroot Aerospace, and SVISH-On-The-Go in India.