EV maker Revamp Moto of Shark Tank fame in talks to raise $3.5 million
Electric vehicles firm Revamp Moto, which shot into prominence after its founders appeared on reality TV show Shark Tank India, is in talks with investors to raise $3-3.5 million as it looks to bring to market its first model and finish the development of the second.
The round will be led by a Dubai-based investor, said Pritesh Mahajan, a co-founder. The company is also in talks with multiple Indian venture capitalists and another Dubai-based real estate player for the round for raising funds.
The Dubai-based lead investor will not only bring capital but also help the company expand into the Middle East and North Africa regions in the future, Mahajan said.
While the firm is yet to launch its product, it has begun pilot trials with platforms such as Swiggy and Vogo, he said. It will soon also be starting similar pilots with Flipkart, Amazon, Zomato and Jubilant FoodWorks.
Revamp Moto had earlier raised over $1 million in its pre-seed funding round from investors including Veda VC and Venture Catalysts besides Aman Gupta, Anupam Mittal, Ashneer Grover, and Peeyush Bansal on the show Shark Tank.
The company has outsourced the assembly of its scooters to a Bhiwandi, Maharashtra-based manufacturer that will make up to 80,000 units annually. It has no plans presently to set up its own assembly line.
“With just $1 million in the bank, we wanted to be asset-light and put the money into R&D instead. So, we outsourced the assembly operation,” Mahajan told .
The funds raised in the ongoing round will be utilised to develop its second model, which will be a high-speed electric two-wheeler called Mitra.
Its first model, codenamed RM25, will be launched in India in the coming month and will be a low-speed electric two-wheeler with around 70 kilometres of range.