Raptee, a start-up based in Chennai that produces electric vehicles (EVs), has received a grant of Rs 3.27 crore from the Automotive Research Association of India or ARAI. Raptee was one of the ten MSME start-ups that received the grant.
As per the reports the company plans to use the newly-generated fund to develop high-voltage controllers for its motorcycles. The company will also focus on the design of some of its motorcycles.
Raptee has just completed its second fundraising round. Before this, Raptee raised $0.70 million from institutions and high-net-worth individuals like Sri Kaliswari Metal Powders and Abdul Gaffer of Hyderabad. The company also plans to hire more staff and wants 230 employees by the end of this year.
Dinesh Arjun, founder and CEO of Raptee said about the latest development, “We are building an environmentally friendly bike for the future. India is the second largest market in the world for 2W vehicles, but EV adoption is still in its early stages.”
“Most 2W EVs are driving the market, and motorcycle consumers are a whitespace. Our bikes will have a lot of power and be powered by cutting-edge technologies that will bring them up to par with the current ICE engine-run bikes. We are excited to launch our motorcycles in the second half of this year,” he added.
Raptee has begun production and expects to launch its premium motorcycle by the second half of this year.
