Motovolt Mobility has announced that it has raised INR 16 crore in a pre-series A round participated by investors such as Vikas Bagaria, founder of D2C company Pee Safe, PPAP Automotive, Vikrampati Singhania of JK Family, Ankur Agarwal of Crystal Crop, Wami Capital– Dubai based single family office and other family offices.
A press release from the company noted that the funds raised will primarily be used for new product introduction, marketing initiatives, and growing its presence through more retail points pan India.
Tushar Choudhary, Founder & CEO, Motovolt, said that the pre-series A funding will enable the company to move to the next stage in terms of expanding not just the product portfolio but also our presence across India.
Ramesh Ramakrishnan, Wami Capitals, said, “We look forward to working closely with Tushar and team in taking Motovolt from strength to strength in the exciting EV story of India.”
Singhania noted that the company believes mass mobility has significant potential to impact the bottom of the pyramid and help a wide section of society.
Ankur Agarwal, Crystal Crop, said, “Through this alliance, we aim to increase Motovolt’s product visibility through these points where we have a presence and accrue benefits mutually.”