Electric two-wheeler manufacturer company, Revamp Moto has raised $1 million in Pre seed funding round from Veda VC and Venture Catalysts.
The funding round also saw participation from IDBI Capital, Deven Bhandari and Sharks- Aman Gupta, Anupam Mittal, Ashneer Grover, and Peeyush Bansal.
The company plans to use the funds for hiring top talent, for product development, and pre-launch partnerships.
Nashik-based Revamp Moto was founded in January 2021 by Pritesh Mahajan, Jayesh Tope, and Pushkaraj Salunke, It manufactures electric two-wheelers catering to the mobility needs of delivery agents, milkmen, vegetable vendors and street vendors.
The Startup currently has two variants called RM Mitra and RM25, which is built on a modular utility platform.
The company is planning to produce 50,000 vehicles by the end of this fiscal year 2022.
“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, cofounder and CEO Revamp Moto.
“We are proud to be working closely with Revamp Moto to improve the last-mile delivery of our products. Their unique and innovative cold chain solution, powered by the battery of the vehicle, has the potential to significantly reduce spoilage related losses and overall logistics costs while lowering our carbon footprint,” said, Vivek Gupta, founder of Licious.
The startup competes with startups like River and Dispatch, which are also making electric scooters for the gig workforce.
About Revamp Moto
Revamp Moto develops highly Reliable, Modular, and Connected Electric Vehicles based on its Modular Utility Platforms. Their mission is to empower India’s hustlers while accelerating the transition to a zero-emission society.