Hyderabad, Dec 30: Hyderabad-based E-bike startup GearHead Motors on Friday announced of raising INR 6 crore as part of its seed funding round led by Hemin Shah – Director of Collabera USA and Sudhakar Moparthy – Director of Skillbanc USA.
After operating on their resources for two years, the fresh funds will be used to expand the startup’s operations pan India with their commitment to creating professional and high-quality electric bikes to accelerate growth in electric vehicles, the E-bike startup company said in a release.
The company’s team plans on utilizing the investment to stabilize the technology of their operating system to create a much more sustainable industry.
Commenting on the announcement Mr. Nikhil Gunda, Founder, of GearHead Motors said, Currently there has been a rise of Electric Vehicle penetration in the Indian Market by foreign companies trying to sell their substandard products.
Due to these products being imported, they often do not align with Indian conditions, and hence the demand for Electric Vehicles in the market is seen to be on a decline. We came up with the idea to build a product that is affordable and will lead to an increase in homegrown products.
With the help of the Make in India initiative, we have been able to accomplish our aim of creating a sustainable future not just for the nation but for the planet, he said.
The Hyderabad-based startup is also building an ecosystem that is set to support sustainable mobility in the future.
The E-Bike market size is increasing and is projected to reach USD 80.6 billion by 2027. (UNI)
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