Funds to be used for Hiring, Product Development, and Pre-launch Partnerships
Nasik, June 1, 2022: Revamp Moto, an Electric Vehicle manufacturer, has raised over $1 Million USD in a pre-seed funding round led by Veda VC and Venture Catalysts. The round also saw participation from IDBI Capital, and angel investors like Deven Bhandari, Ankit Kedia along with Sharks – Aman Gupta, Anupam Mittal, Ashneer Grover and Peeyush Bansal.
Revamp Moto first came to light during the first season of Shark Tank India, where they raised funding from Aman & Anupam. It is a startup developing Electric two wheelers which enable India’s small scale businesses to conduct business ‘on the go’. Making it easier to be used by delivery agents, milkmen, vegetable vendors, street vendors and others. Revamp Moto’s ‘Make-in-India’ EVs, RM Mitra and RM 25 are built on a Modular Utility Platform that is highly reliable, adaptable and connected thus solving for use cases currently not catered by other EV’s. The infusion of the funds from the pre-seed round will provide a major boost needed for the hiring of top talent, product development and pre-launch partnerships to meet the rising demand.
Commenting on how Revamp Moto’s products are set to be the game-changer for India’s micro-entrepreneurial community, Revamp Moto’s Co-Founder and CEO, Pritesh Mahajan said, “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.”
“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.
“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.
Looking to address some of the most common ‘utility’ challenges of India’s micro-entrepreneurs, RM Mitra, a two-wheeler built to withstand 200 kgs of payload with a range of 140 km and a top speed of 65 kmph. It comes equipped with functional attachments like a folding table, delivery basket, food box, side rack, saddlebags, Kool Keep (fridge powered by the battery of the vehicle) and so on. While their other offering RM25 is a low-speed scooter which does not require a license, registration or helmet to be ridden. It also comes with swappable attachment options just like RM MITRA.
“Currently, micro-entrepreneurs have to do make-shift fabrications to carry out business on their two-wheeler, which is highly unsafe and unreliable. We are coming up with attachments that are not only safe and reliable but also empower the user to do business effectively. In order to make this vision a reality, we are planning a production capacity of 50,000 vehicles by the end of 2022.” said Jayesh Tope, Co-founder and MD of Revamp Moto.
Moving forward, Revamp Moto plans to accelerate its development process and is expected to be in the market with its vehicles by the last quarter of the year 2022.
