Exclusive: Bharat Forge-backed Tork Motors raises $6 Mn in new round

Electric vehicle manufacturing startup Tork Motors has raised Rs 50 crore or $6 million from Maxis Capital. It will be the second institutional round for the Pune-based company after a gap of two-and-a-half years.

The board at Tork Motors has passed a special resolution to issue 1 equity and 6,912 CCPS at an issue price of Rs 72,425 each to raise Rs 50 crore or $6 million, its regulatory filing accessed from the Registrar of Companies shows.

Each preference share issued to the new investor (Maxis Capital) will convert into 1 equity share subject to the relevant conversion period, the filings further added.

Established in 2010, Tork Motors is an electric two-wheeler manufacturer renowned for its flagship product, Kratos R. The company initially launched its units in Mumbai and Hyderabad and currently boasts a monthly production capacity of 4,000-5,000 units. The company had plans to broaden its geographical reach and target 70–100 cities by 2023 end.

In October, Tork Motors announced its partnership with EV software and charging infra provider Bolt.Earth to provide 30,000 charging points to its customers.

As per startup data intelligence platform TheKredible, the company has been valued at around Rs 370 crore or $45 million post-allotment.

Tork Motors has raised around $16 million across rounds. Bharat Forge is the largest stakeholder with 52.46% followed by Maxis Advisors which owns 13.51%. Its founder and chief executive officer Kapil Shelke commands 19.42% of the company.

Head to TheKredible for the complete shareholding pattern.

Tork Motors' operating revenue jumped sevenfold to Rs 35.5 crore in FY23 from Rs 4.5 crore in FY22. During the period, the company’s losses saw a 5.7X spike to Rs 47.9 crore in FY23 from Rs 8.34 crore in FY22.

Tork Motors competes with the likes of Ultraviolette Automotive, Revolt and Pure EV.