Raptee Gears Up for EV 2-Wheeler Revolution with Fresh $3M Funding
Raptee, an EV motorcycle maker, has made headlines by securing $3 million (Rs 25 crore) in a pre-Series A funding round led by deeptech venture capital firm (VC) Bluehill Capital.
As per the startup, the freshly raised funds will be used for improving its manufacturing facility and acquiring machinery.
Additionally, part of the freshly raised funds will be used for tooling for the upcoming vehicle and expanding the team. Angel investors like Eugene Mayne (Tristar Global), Ramesh Kannan (Kaynes Technology), and Lakshmi Narayanan (ex-Cognizant) also participated in the funding round.
Raptee | Premium Electric Motorcycle Manufacturer
Raptee is a Chennai-based premium electric motorcycle startup that claims to have an indigenously developed strong technological moat.
The full stack electric motorcycle manufacturer has so far filed for 45+ patents and claims to be the first Indian electric two-wheeler OEM to introduce high-voltage drive train technology, along with an on-board charger. This makes it compatible with the existing CCS2 public charging network, which is growing fast in India and across the Globe.
Speaking about the development, Dinesh Arjun, Co-founder and CEO of Raptee, said,
“This is our first institutional round. We want to launch a motorcycle in a mid-premium segment. We are extremely fortunate to be backed by investors from the manufacturing and transportation industries who understand long-term value creation and can add strategic value for us as we gear up for production and scale up.”
With the freshly raised funds, the startup plans to expand its team size from 50 to 150. As per the startup, it has two experienced centres in Chennai and Bengaluru, and its first motorcycle is expected to come in early 2024. Raptee subsequently plans to expand to eight more cities.
Statement from the Investor
Commenting on the development, Manu lyer, CEO & Partner of Bluehill Capital, said,
“Having evaluated over 30 EV OEMs in India and having invested deeply in the EV and clean-tech ecosystem in India, we are impressed by Raptee’s cutting edge tech and excited to partner with them on their journey. We believe Raptee’s motorcycles will change the face of EV 2-Wheelers in India.”
As per the startup, over the next 3 years, it plans to expand to 100 cities in India and explore a few conducive International markets. Earlier in March, the premium electric motorcycle startup received a grant from ARAI (Automotive Research Association of India) for the design and development of the high-voltage powertrain.
Follow us and connect with us on Instagram, Facebook, Twitter, and LinkedIn.
Note: If you are a budding entrepreneur and require assistance to register a Pvt Ltd Company, register a company, create financial projections, business development, LLP Registration, compliance filing, funding formalities, debt funding, CFO Services, or other startup related legal services, contact us.