Premium EV motorcycle startup Raptee on Tuesday said it has raised USD 3 million in a pre-Series A funding round. The all-equity funding round led by deep-tech VC fund BlueHill Capital, also saw participation from industry stalwarts as well as HNIs, Raptee said in a statement.
The funds will be utilised for augmenting the manufacturing facility, acquiring machinery, tooling for the soon-to-be launched motorcycle, and to scale up the team, it said.
"This is our first institutional round. We want to launch a motorcycle in a mid-premium segment. We are extremely fortunate to be backed by investors from the manufacturing and transportation industries who understand long-term value creation and can add strategic value for us as we gear up for production and scale up," said Dinesh Arjun, Co-founder-CEO, Raptee.
Raptee is a full stack electric motorcycle manufacturer. Its first motorcycle is expected to come in early 2024, with two experience centres in Chennai and Bengaluru. The EV startup subsequently plans to expand to eight more cities, as per the statement.
In March this year, Raptee received a grant from ARAI (Automotive Research Association of India), for design and development of the high-voltage powertrain.
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