New age electric two-wheeler maker, Revamp Moto, has raised $1 million in a pre-seed funding round led by Veda VC, and other venture capitalists including IDBI Capital, and angel investors like Deven Bhandari, Ankit Kedia along with Aman Gupta, Anupam Mittal, Ashneer Grover and Peeyush Bansal, a press release from the company noted.
The e2W maker aims to utilise the funds in hiring top talent, product development and pre-launch partnerships to meet the rising demand.
Jayesh Tope, Co-founder and MD, Revamp Moto, said micro-entrepreneurs currently 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,” he said.
Vasant Rao, Partner, Veda VC, said, “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.”
The company aims to solve mobility requirements of the micro-entrepreneurs for their business as well as daily needs with its debut products, the RM Mitra and RM25, said Pritesh Mahajan, Co-Founder and CEO, Revamp Moto.
The RM Mitra is claimed to have a maximum payload capacity of 200 kg 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) among others, the company said. The RM25, meanwhile, is a low-speed scooter that does not require a license, registration or helmet while being used.
Revamp Moto expects to be in the market with its vehicles by the last quarter of the year 2022. By then, the company plans to have a production capacity of 50,000 vehicles.