Motovolt, a Kolkata-based e-mobility startup, has invested Rs 9 crores in eROCKIT for an undisclosed stake. It is notable to note that Motovolt raised Rs 16 crore in pre-Series A funding in November 2022. This will be used for product introduction, marketing initiatives, and expanding its India presence.
This is Motovolt’s first international expansion for its electric mobility solutions. This initial investment will be used to strengthen the product development and production at eROCKIT’s Berlin manufacturing plant.
eROCKIT, a light electric motorcycle, is controlled like a bicycle. Human Hybrid is the first pedal-controlled electric bike. Contrary to a pedalec, the pedals do not transfer mechanical energy to the rear wheels. The e-motorcycle hybrid is a costly product on the international market. It costs Rs 11.42 lakh and claims a range of up to 120 km per charge.
Tushar Choudhary Founder & CEO, of Motovolt, said, “The deal with eROCKIT is going to make a major impact on the Indian markets and transform the 2-wheeler segment. Our aim is to benefit from eROCKIT’s know-how to develop relevant product solutions for Indian consumers. For instance, Motovolt intends to redefine motorcycle as a category in India by significantly boosting user experience through the usage of eROCKIT’s technology platform such as their futuristic drivetrains and the excellence of German engineering. We will also be focusing on extensively manufacturing eROCKIT’s products domestically under the ‘Make in India’ initiative and set up a global footprint for the sales and distribution of our products globally. This alliance is a major accomplishment in our journey towards building a strong and reliable international brand with very high growth potential.”
Andreas Zurwehme, Chairman eROCKIT AG said “I am pleased to have Motovolt as a strong shareholder in the company. The investment accelerates eROCKIT’s expansion plans as a vehicle manufacturer and technology provider. It’s a strong signal for our shareholders. We are open to further investors.”
Motovolt claims that its focus has been on the affordable micro-mobility market in the country. It also plans to use eROCKIT’s tech stack to improve its entire product range through this strategic alliance. Motovolt plans to invest approximately Rs 88 crore in the industrialization of eROCKIT-related products.