Revamp Moto raises over $1 million USD in pre-seed round of funding
Revamp Moto has announced that it has raised over $1 Million USD in a pre-seed found round. The company added that the funding round was led by Veda VC and Venture Catalysts and also witnessed participation from IDBI Capital along with a range of angel investors.
The EV startup communicated that it is developing new electric two-wheelers especially for India's small scale businesses and semi-urban markets. The company says that its EVs are being developed to make last mile deliveries easier. It is currently working on RM Mitra and RM 25, both are based on a Modular Utility Platform. This platform as per the EV maker is highly reliable, adaptable and connected.
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Revamp Moto informed that the new funds will be used to boost its product development program as well as aid in hiring new talent and pre-launch partnerships. “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 businesses to increase productivity and income. We are fortunate to have investors that are aligned with our purpose," said Pritesh Mahajan, Co-Founder and CEO at Revamp Moto.
“The non-Agri gig workforce will continue to grow exponentially. Adoption of EVs drives significant savings resulting in better livelihoods for the workforce, and improved unit economics for fleet owners, logistic providers and other stakeholders. With its 10+ use case-specific attachments, Revamp Moto is well-positioned to add value to the entire ecosystem and accelerate 2-Wheeler EV adoption across the country" said Vasant Rao, Partner at Veda VC.
The upcoming RM Mitra EV will come with various functional attachments like a folding table, delivery basket, food box, side rack, and saddlebags, to enable last mile delivery. It will be able to carry 200 kgs of payload with a range of 140 km and a top speed of 65 kmph. And will come with swappable attachment options.
The company is planning to produce 50,000 vehicles by end-2022. It informed in a recently sent press release. The final production-spec models by Revamp are likely to set foot in the last quarter later this year.