HOP Electric Mobility Receives Funding Of USD 2.5 Million

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A file photo of HOP Lyf Electric scooter

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HOP Electric Mobility as a part of a USD 10 million pre-series fundraisers receives funding of USD 2.5 million. HOP Electric Mobility, an electric two-wheeler manufacturer, recently reached a new milestone by establishing 105 sales touchpoints and more than 6,200 electric scooters on Indian roads by 2021. The company plans to grow by tenfold this year, with newly raised funds.

Ketan Mehta, Founder & CEO – of 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 HOP Electric Mobility in becoming a successful mandate holder of the Government of India’s (GOI) ambitious INR 26,058 crore Production Linked Incentive (PLI) scheme for Auto under the New Non-Automotive Investor (OEM) category. Under this mandate, we will be investing more than INR 2000 crore in India in the next five years. The goal is to bolster India’s manufacturing capacities and boost HOP Electric’s chances of becoming a global energy mobility pioneer.”

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HOP Electric Mobility currently has a monthly growth rate of 50%. The brand is also actively recruiting talent and resources to almost all its verticals. To comply with the government’s support for battery swapping, HOP Electric Mobility is developing Gen 2 Smart Batteries. HOP Electric Mobility will launch 2 new products using its global modular platform that includes Gen 2 batteries by FY2023.

Nikhil Bhatia, Chief Operating Officer – HOP Electric Mobility said, “Investing in EV mobility is becoming the go-to choice in India. Especially because people are consciously making eco-friendly and sustainable choices. At HOP Electric Mobility, we aspire to make the entire EV ecosystem more inclusive, convenient, and cost-efficient so that everyone can become a part of this energy mobility revolution. The recently closed strategic funding is a morale booster for the entire HOP family, which is working relentlessly to provide best-in-class energy mobility solutions to your doorstep. 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.”

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1 COMMENT

  1. in the last few months we hear huge investments and capacity enhancements in 2 W EV space, it sometimes feels in excess of the current ICE two wheeler sales. The rationale for such investments and plans , no doubt, should have been scrutinized and vetted by investors and the like. But such gastronomical investments and figures and beating common thinking and logic.
    Suggest you publish report , consolidated figures with production output of all these proposed units by 2025
    Are so many going to buy EV ditching the ICE ??

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