E-cycle Startup Gear Head Motors Raises Pre-seed Funding Led By US-based Angel Investors The previously bootstrapped company will be utilizing the freshly raised funds to expand the company's operations across the country and to stabilize the operating system technology
By Paromita Gupta •
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The products and services that work towards climate awareness have now been on a rise, more than ever. Sensing this, several startups have come up with products and services dedicated towards this quest. The e-bike market is expected to reach $80.6 billion by 2027. And e-cycle startup Gear Head Motors is one of them.
On Wednesday, the 2020 established venture announced it had successfully raised INR 6 crore in a pre-seed funding round led by Hemin Shah, director, Collabera USA and Sudhankar Moparthy, director, Skillbanc USA.
The Nikhil Gunda and Meher Sai-founded startup used its bootstrapped resources for its initial two years and now will be utilizing the freshly raised funds to expand the company's operations across the country and to stabilize the operating system technology. The aim of Gear Head Motors is to bridge the gap between the global supply of electric bikes or cycles and its Indian customers. Their products are completely made in India and sustainable. So far, the startup has delivered 8000 tricycles and 5000-plus e-bikes.
"Currently there has been a rise of Electric Vehicle penetration in the Indian Market by foreign companies trying to sell their substandard products. Due to these products being imported, they often do not align with Indian conditions, and hence the demand for Electric Vehicles in the market is seen to be on a decline. We came up with the idea to build a product that is affordable and will lead to an increase in homegrown products. With the help of the Make in India initiative, we have been able to accomplish our aim of creating a sustainable future not just for the nation but for the planet. Aligning with the needs of an Indian customer, hence, has been an important part of building this brand. With this, we are creating a sustainable and healthy ecosystem," said Nikhil Gunda, founder, Gear Head Motors.
The increase in demand for such sustainable mobility solutions is due to the constant increase in fuel prices and the public's nascent yet growing interest in general fitness. GearHead Motors has established itself as a key player in the Indian market and has so far launched four e-bike models- L, I, F, and E.
As a part of its upcoming plans, the brand is developing India's first operating system for electric vehicles and other sustainable transportation means and will be integrating facilities such as charging and exchanging electric vehicles.
