EV motorcycle start-up Raptee Energy is planning to raise $19 million from new and existing investors to fund expansion plans, a top official said.
“Last time, we raised $4.5 million and this will enable us to launch our maiden e-motorbike and thereafter, we need funds for production ramp-up, dealership expansion and roll out of e-bikes in other States,” CEO and Co-Founder Dinesh Arjun said.
The start-up was talking to several private equity investors, he said, adding they had already rolled out production-ready e-motorcycle from the Chennai plant. Commercial launch will happen by May/June. In the first year, the e-motorcycles would be sold in Chennai and Bengaluru.
Raptee Energy also plans to open up the first company owned and operated store in Chennai. After 12 months, it would enter Bengaluru, Kochi, Hyderabad, Pune and Gurugram. It will adopt online and offline channels for distribution.
Mr. Arjun said the company made its battery packs while cells were procured from two different sources. Currently, it has a single platform that can produce two variants in three colours.
The initial production capacity is pegged at 9,000 units per month. However, the company plans to ramp up its production in a slow and staggered manner.
Regarding the e-bike, the first batch will undergo rigorous testing and homologation processes, including ARAI certification and road-safety checks. The motorcycle came with a portfolio of patented technologies and innovations and is compatible with CCS2 charging points.
Mr. Arjun said the present model will compete with the likes of 250cc Pulsar and Royal Enfield priced at ₹2.50 lakh. After a year, Raptee Energy plans to produce e-bikes equivalent to 150cc and 350 cc motorcyles.
