Motovolt Mobility raises Rs 16 Crore in a pre-series A round from investors like Vikas Bagaria (founder of Pee Safe), Ankur Agarwal of Crystal Crop, PPAP Automotive, and Vikrampati Singhania of JK Family, and Wami Capital – Dubai’s single family office, and other family offices.
The company stated that the funds will be used primarily for new product introductions, marketing initiatives, and expanding its reach through more Indian retail outlets.
Motovolt founder and CEO, Tushar Choudhary, stated that pre-series A funding will allow the company to reach the next stage, which will include expanding the product range as well as our presence in India.
Wami Capitals’ Ramesh Ramakrishnan stated, “We look forward to working closely with Tushar and the team and taking Motovolt from strength to strength in India’s exciting EV story.”
Singhania stated that mass mobility is a significant opportunity to help the bottom of the pyramid as well as a large section of society.
Crystal Crop’s Ankur Agarwal stated, “Through the alliance, we aim to increase Motovolt’s product visibility through those points where we have the presence and reap benefits mutually.”