Revamp Moto, a Nasik, India-based Electric Vehicle manufacturer, raised USD1M in Pre-Seed funding.
The round was led by Veda VC and Venture Catalysts, with participation from IDBI Capital, Deven Bhandari, Ankit Kedia, Sharks – Aman Gupta, Anupam Mittal, Ashneer Grover and Peeyush Bansal.
The company will use the funds to hire more people and speed up its development. They are expected to have their vehicles on the market in the fourth quarter of 2022.
In January 2021, Pritesh Mahajan and Jayesh TOPE founded the company., Revamp Moto is maker of electric two wheelers which enable India’s small scale businesses to conduct business ‘on the go’, mainly to be used by delivery agents, milkmen, vegetable vendors, street vendors and others. RM Mitra, a two-wheeler that can carry 200 kgs of payload and has a range of 140km and a top speed 65 kmph, is called. It is equipped with functional attachments such a folding table (delivery basket), food box, side racks, saddlebags, Kool Keep (fridge powered from the vehicle’s batteries) and so forth. Low-speed scooters are available at RM25, which do not require a helmet or license. You can also attach it with interchangeable attachments, just like RM MITRA. RM Mitra and RM 25 are built on a Modular Utility Platform that is adaptable and connected thus solving for use cases currently not catered by other EV’s.