Electric vehicle company Revamp Moto, a startup founded by Jayesh Sahebrao Tope, Pritesh Prakash Mahajan, and Pushkaraj Narendra Salunke, is in talks with investors to raise $3-3.5 million, according to The Economic Times.
The company rose to fame in the Indian reality TV show Shark Tank. The manufacturer looks to bring its first model to the market and complete the development of the second.
It will be led by Pritesh Mahajan, a Dubai-based investor, and co-founder. In addition, the brand is also in talks with several Indian venture capitalists and another Dubai-based real estate player in raising funds.
Middle East and North Africa Expansion
Mahajan stated that the Dubai-based lead investor would bring capital but also help the company to expand in the Middle East and North Africa regions in the future.
“While the company is yet to launch its product, it has began pilot trials with platforms such as Swiggy and Vogo,” he said. It will also soon be beginning similar pilots with Amazon, Flipkart, Jubilant FoodWorks, and Zomato.
Revamp Moto’s $1 million Pre-seed Funding
Previously, Revamp Moto had raised over $1 million in pre-seed funding round from investors, including Veda VC and Venture Catalysts, besides Aman Gupta, Ashneer Grover, Anupam Mittal, and Peeyush Bansal on the Shark Tank show.
Notably, the brand outsourced the assembly of its scooters to a Bhiwandi, Maharashtra-based manufacturer that will produce up to 80,000 units annually. At present, it has no plans to lay out its assembly line.
“With just $1 million in the bank, we wanted to be asset-light and put the money into R&D instead. So, we outsourced the assembly operation,” Mahajan said to ET.
The funds raised will be used to develop the second model. It will b a high-speed electric two-wheeler called Mitra.
The first model, codenamed RM25, will launch in India in the coming month. It will be a low-speed electric two-wheeler with over 70 km of range.