Revamp Moto Raises Over $1 Million Pre-Seed Fund The fund raised will be used for hiring new talents, product development and pre-launch partnerships
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Revamp Moto, an electric vehicle manufacturer, has raised over $1 million in pre-Seed funding round led by Veda VC and Venture Catalysts. The round also witnessed participation from IDBI Capital and angel investors like Deven Bhandari, Ankit Kedia, Aman Gupta, Anupam Mittal, Ashneer Grover and Peeyush Bansal. The infusion of the fund from the pre-Seed round will provide a major boost to hire new talents, product development and pre-launch partnerships to meet the rising demand.
"Unlike other EVs, our focus is to solve mobility requirements of micro-entrepreneurs for their business as well as daily needs. Our products RM Mitra and RM25 are built not just for transportation but also for the development of business productivity and income," said Pritesh Mahajan, co-founder and CEO, Revamp Moto.
With a vision to address some of the common utility challenges of India's micro-entrepreneurs, RM Mitra, a two-wheeler built to withstand 200 kilograms of payload with a range of 140 km and a top speed of 65 km per hour. It comes with functional attachments like a folding table, delivery basket, food box and so on.
"We are coming with attachments that are not only safe but also empower the user to do business effectively. In order to make this vision a reality, we are planning a production capacity of 50,000 vehicles by the end of 2022," said Jayesh Tope, co-founder and MD, Revamp Moto.
The company plans to accelerate its development process and is expected to be in the market with its vehicles by the last quarter of the year 2022, as per the statement.
"Adoption of EVs drives significant savings resulting in better livelihoods for the workforce. With its more than 10 use case-specific attachments, Revamp Moto is well-positioned to add value to the ecosystem and accelerate two-wheeler EV adoption across the country," said Vasant Rao, partner at Veda VC.
Founded in 2021 by Pritesh Mahajan, Jayesh Tope and Pushkaraj Salunke, Revamp Moto is an EV startup that envisions to empower India's micro-entrepreneurial community with adaptable and sustainable mobility solutions.