Thursday, October 6, 2022
HomeInsightFunding Alert HOP Electric Mobility raises $2.6 mn in pre-Series fundraising

[Funding alert] HOP Electric Mobility raises $2.6 mn in pre-Series fundraising

[Funding alert] HOP Electric Mobility raises $2.6 mn in pre-Series fundraising
HOP Electric Mobility

HOP Electric Mobility, an electric vehicle maker startup has $2.6 million in its Pre-series funding round to drive its business expansion plans.

This funding round is part of a $10 million pre-series fundraising and the company did not disclose the identity of the investor.

Jaipur-based HOP Electric Mobility was founded in 2019 by Ketan Mehta, Nikhil Bhatia and Rahil Gupta, It currently has three market-ready products, including two escooters and one motorcycle.

The company said that it has achieved the milestone of reaching 105 retail touchpoints in 2021 with over 6,200 on-road scooters, and with this fundraising, it is targeting a 10X growth this fiscal 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.

In addition, while working on the design and engineering of the multi-battery modular platform and developing the Gen2 smart battery and swapping stations, the company has rolled out two new products on the new platform supported by the Gen2 battery and a swapping station this fiscal year, according to the company’s statement.

Currently, with a 26 percent month-on-month growth, the company said it is hiring across all verticals, especially in the design, engineering, battery, cell, research, and development verticals.

It plans to launch its indigenous high-speed e-bike OXO for the mass segment by July and an upgraded scooter by the third quarter of the current fiscal.

The company said OXO has successfully cleared all tests at ARAI, including AIS 156 for the batteries. Called the HOP LYF 2.0 internally, the advanced electric scooter has completed the design and engineering cycle.

About HOP Electric Mobility

Hop Electric Mobility is one of the fastest-growing electric vehicle ecosystem companies in India. With the introduction of entry-level smart electric scooters and integrated battery charging cum swapping solutions, Hop is focused on increasing the adoption of clean technology products and services. In less than 9 months of retail operations, Hop has expanded to 12 states with its dealership and service network.

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