Jaipur-headquartered HOP Electric Mobility announced that it has raised $2.6 million as part of its ongoing $10 million pre-series fundraisers.
The two-wheeler electric start-up recently opened its 105th retail dealership in the country, and it claims to have sold more than 6,000 e2Ws in India. The company plans to use the recently raised funds to drive its ten-fold growth plans. The start-up claims that it is growing at 50% every month.
The start-up is also a part of the Government of India’s Production Linked Incentive Scheme for auto manufacturing worth over INR 26,058 crore. The start-up, in accordance, plans to invest INR 2,000 crore in the country over the next few years.
Ketan Mehta, Founder & CEO, HOP Electric Mobility, said, “Our strategic investor, a public-listed company reaffirmed their commitment and synergies in pursuing sustainable business opportunities. The same investor has previously supported in becoming a successful mandate holder of the Government of India’s (GOI) ambitious INR 26,058 crore PLI scheme for auto under the New Non-Automotive Investor (OEM) category.”
Nikhil Bhatia, Chief Operating Officer – HOP Electric Mobility,” said, “The recently closed strategic funding is a morale booster for the entire HOP family. The conviction and confidence of such prominent investors encourage us to do better every day. We are positive that this pre-seed fundraiser will soon reach its goal.”