Mumbai, May 11: Jaipur-based electric vehicle maker HOP Electric Mobility on Wednesday said it has raised USD 2.6 million (about Rs 20 crore) in a funding round to drive its business expansion plans.
The fresh funding round is part of the on-going USD-10-million pre-series fund raising, it said without disclosing the investor’s identity.
“Hop Electric Mobility has closed a strategic round of USD 2.6 million as part of an ongoing USD 10 million pre-series fundraiser,” the company said in a release.
Hop said it has achieved the milestone of reaching 105 retail touchpoints with over 6,200 on-road scooters in 2021, and with this fundraising, it is targeting 10X growth this year.
“Our strategic investor, a public-listed company, reaffirmed their commitment and synergies in pursuing sustainable business opportunities. The same investor has previously supported the company in becoming a successful mandate holder of the Central Government’s ambitious Rs 26,058 crore Production-Linked Incentive (PLI) scheme for Auto under the New Non-Automotive Investor (OEM) category,” said Ketan Mehta, Founder-CEO, HOP Electric Mobility.
“Under this mandate, we will be investing more than Rs 2,000 crore in India in the next five years. The goal is to bolster India’s manufacturing capacities and boost HOP Electric’s chances of becoming a global energy mobility pioneer,” he added.
Besides, working on a multi-battery modular platform’s design and engineering and developing Gen 2 smart batteries and swapping stations, among others, the company is expecting to roll out two new products on the new platform supported by Gen 2 batteries and a swapping station this fiscal, as per the release.
Stating that the company, at present, growing at 26 per cent month-on-month, Hop said it is hiring across all verticals, especially in the design, engineering, battery, cell, and research and development verticals.
The company is looking to launch its indigenous high-speed e-bike OXO for the mass segment commuting by July, and an advanced scooter by the third quarter of the current fiscal.
OXO has successfully cleared all tests in ARAI, including AIS 156 for batteries, it stated.
Internally called HOP LYF 2.0, the advanced electric scooter has completed the design and engineering cycle, the company said. (PTI)
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