Motovolt Mobility Is In Talks With Foreign And Domestic Private Equity Investors To Raise Funds Of Rs 100 Crore To Expand Its Manufacturing Capacity

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Motovolt Mobility Private Ltd, an electric-cycle manufacturer, is in talks with foreign and domestic private equity investors to raise funds of Rs 100 crore to expand its manufacturing capacity and expand its retail network.

The company, which is based in Kolkata, currently manufactures electric bikes at Taratola near the city. It plans to raise funds for electric scooters and bikes on the same premises. Manohar Bethapudi (head of growth and strategy), told that advanced talks have been held with domestic and foreign PE investors.

He said that the company was founded by Himadri Specialist Chemicals and produces anodes for lithium-ion batteries. He stated that the majority of funding would come from the PEs.

The country’s electric scooter market has a volume of 1.5 lakh monthly units. There are both registered and unregistered sellers.

According to him, the company has a significant market share in electric cycles and the goal is to offer aspirational products such as electric scooters or electric bikes.

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He said that the company is now present in India’s east and south, and the goal is to expand its reach into the west and north.

Motovolt will be based on “indigenous technology, not foreign know-how”, Bethapudi stated. There are already two R&D centers in Kolkata and Bangalore.

According to the official, the company intends to hire between 300-350 people once the electric bikes and scooters projects are completed. It also plans to create a retail network with 250 outlets in the country. He believes that the electric vehicle market offers a great opportunity, with a 25% growth month-on-month.

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