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Revamp Moto, a manufacturer of electric vehicles, raises more than $1 million in a pre-seed funding round. The round was led by Venture Catalysts and Veda VC. Angel investors like Deven Bhandari and Ankit Kedia were also part of the round, as well as IDBI Capital and Sharks such as Ashneer Grover, Peeyush Bangsal, Aman Gupta, and Anupam Mittal.
Revamp Moto was first discovered during Shark Tank India’s first season. They received funding from Aman & Anupam. It’s a startup that develops electric two-wheelers to allow small businesses in India to do business “on the move”. It is easy to use by street vendors, delivery men, milkmen, vegetable sellers, and other vendors. Revamp Moto’s Make-in-India EVs, RM 25, and RM Mitra were built on a Modular Utility Platform, which is highly reliable, adaptable, and connected. This platform allows for new use cases that are not possible with other EVs. The pre-seed round will give Revamp Moto a significant boost in order to hire top talent and develop products.
Revamp Moto’s Co-Founder and CEO, Pritesh Mahajan said, “Unlike other EVs, our focus is to solve mobility requirements of micro-entrepreneurs for their business as well as daily needs. Our products RM Mitra and RM25 are built not just for transportation but also for businesses to increase productivity and income. We are fortunate to have investors that are aligned with our purpose.”
“The non-Agri gig workforce will continue to grow exponentially. Adoption of EVs drives significant savings resulting in better livelihoods for the workforce, and improved unit economics for fleet owners, logistic providers and other stakeholders. With its 10+ use case-specific attachments, Revamp Moto is well-positioned to add value to the entire ecosystem and accelerate 2-Wheeler EV adoption across the country,” said Vasant Rao, Partner at Veda VC.
“We are proud to be working closely with Revamp Moto to improve the last-mile delivery of our products. Their unique and innovative cold chain solution, powered by the battery of the vehicle, has the potential to significantly reduce spoilage related losses and overall logistics costs while lowering our carbon footprint,” said Vivek Gupta, Founder of Licious.
RM Mitra is a two-wheeler designed to tackle the most pressing ‘utility’ issues of India’s micro-entrepreneurs. It can carry 200 kgs of payload and has a range of 140 km. The top speed is 65 kmph. You can attach functional attachments such as a folding table or delivery basket, side rack, food box, side rack, saddlebags and Kool Keep (the vehicle’s refrigerator). Their other offering, RM25, is a low-speed electric scooter that does not require a helmet or license. You can also attach it with different attachments, just like RM MITRA.
“Currently, micro-entrepreneurs have to do make-shift fabrications to carry out business on their two-wheeler, which is highly unsafe and unreliable. We are coming up with attachments that are not only safe and reliable but also empower the user to do business effectively. In order to make this vision a reality, we are planning a production capacity of 50,000 vehicles by the end of 2022,” said Jayesh Tope, Co-founder and MD of Revamp Moto.
Revamp Moto is planning to accelerate its development and will be on the market in the fourth quarter of 2022 with its vehicles.