In a development for the growing electric vehicle (EV) industry, Raptee, a Chennai-based electric motorcycle startup, has raised $3 million in a pre-Series A funding round. The investment is significant for the electric vehicle (EV) motorcycle manufacturer. It is preparing to launch its mid-premium segment motorcycle in early 2024.
The all-equity funding was led by the forward-thinking deep-tech VC fund BlueHill Capital. It saw participation from prominent industry figures and high-net-worth individuals (HNIs). The funding will enhance the manufacturing capabilities of Raptee. It will also assist the EV startup to get machinery, develop tooling, and expand the team.
Raptee’s Roadmap to Electric Mobility
Raptee’s plans include developing and launching its first electric motorcycle in 2024. The bike will be in the mid-premium segment. The startup will establish two experience centers in Chennai and Bengaluru. The experience centers will help this project. The centers will create tangible connections between the brand and its prospective customers. Raptee is targeting eight cities as part of its growth strategy.
Dinesh Arjun, Co-founder and CEO of Raptee said, “India is the largest motorcycle market in the world, with EV adoption on the rise. At Raptee, we want to launch a motorcycle in a mid-premium segment for consumers who believe EVs are a true upgrade from ICE vehicles. We have been refining and testing our vehicles. We are looking forward to launching it very soon.”
Earlier this year, Raptee received a grant of INR 3.27 crore from the Automotive Research Association of India (ARAI). ARAI is an influential R&D organization established by the automotive industry and the Government of India.
The grant comes under the Advance Mobility Transformation & Innovation Foundation’s (AMTIF) Industry Accelerator program. It is part of the Capital Goods Scheme by the Ministry of Heavy Industries, Government of India.
Raptee’s journey commenced in 2019 by four engineers. These engineers had experience at companies such as Tesla, Wipro, and Royal Enfield. The diverse background has empowered Raptee. The startup established itself as a full-stack electric motorcycle manufacturer. The EV startup has a robust indigenous technological foundation.
Raptee’s Promising Trajectory in the EV Market
The cornerstone of Raptee’s growth strategy is constructing its first factory. The factory area is spanning 3 acres in Chennai. This facility will serve as the nerve center for the company’s Research and Development (R&D) efforts. It will be housing a significant part of the R&D team.
With a hefty investment of INR 85 crore earmarked for this plant, it will boast an annual production capacity of 100,000 units. Over the next two years, this manufacturing hub will be pivotal to Raptee’s production operations. The hub will have 470 employees dedicated to manufacturing and innovative design projects.
The R&D center within the Chennai facility will have state-of-the-art development and testing facilities. The center will further propel Raptee’s commitment to technological advancement.
Additionally, a dedicated battery pack assembly line will streamline production processes. It will ensure a seamless flow in the manufacturing of Raptee’s motorcycles. Raptee’s well-thought-out strategy encompasses a strong team. The startup employs cutting-edge technology. It will be delivering a world-class electric motorcycle and customer experience.
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