Jaipur Based HOP Electric Set To Raise Around Rs 200 Crore To Fund Expansion

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Jaipur Based HOP Electric is looking to raise at least USD 30 million (over Rs 200-crore) in Series-A round amid its plans to expand product portfolio as well as dealership network. This was mentioned by the company’s founder and Chief Executive Officer Ketan Mehta to PTI.

He informed that HOP electric, which hit the market with two e-scooters in January this year, is set to launch another vehicle model, an e-bike, OXO, by October-November this year. This will  be followed by two more scooters over the next six-nine months.

At present, the company has a manufacturing facility in Jaipur, which can produce 50,000 units per annum and can be expanded up to 1-lakh units. Recently, Hop Electric had announced setting up another production plant in Jaipur itself to add capacity of 1.5 lakh units per year by February 2022.

Ketan Mehta told PTI – “We have started our fund raising process now. We are looking to close at least USD 30-million (around Rs 200 crore) before the end of this financial year in Series A. We just don’t want to be limited to being an automobile manufacturer. We have to align our thoughts with the investor in a complete ecosystem, ranging from integrated manufacturing to energy infra as well as NBFC financing and swapping, among others, which falls into our plans. We are looking at investors who have a broader horizon and a much larger picture in the mind to drive the entire ecosystem rather than being limited to a particular system. Our strategy is an ecosystem kind of play. It is much bigger than a pure two-wheeler manufacturer. “

The company has also launched an integrated network of battery charging-cum-swapping stations to bolster the EV ecosystem in the domestic market. The network known as — Hop Energy Network — is designed to reduce the range anxiety concerns of consumers and they can now charge a Hop electric scooter at home or swap to a fully-charged battery when outside in less than 30 seconds.

The company has seen tremendous response for both the vehicle models since the launch of its first 2 scooters. It also aims to have 100 dealership outlets by this calendar year.

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