The additional capital will be used to accelerate the expansion of electric vehicles by expanding the startup’s operations of high-quality electric bikes across India.
On December 30, D2C e-bike company GearHead Motors revealed that their seed funding round, which was overseen by Hemin Shah, Director of Collabera USA, and Sudhakar Moparthy, Director of Skillbanc USA, raised Rs 6 crores.
The additional capital will be used to accelerate the expansion of electric vehicles by expanding the startup’s operations of high-quality electric bikes across India.
The brand, which was established in 2020 by Nikhil Gunda and Meher Sai, aims to close the gap between the demand for electric vehicles in India and the supply of such vehicles on a worldwide scale.
“Foreign corporations are increasingly seeking to sell their inferior products on the Indian market by introducing electric vehicles. “The market desire for electric vehicles is thought to be on a slide because these products are imported and frequently do not correspond with Indian conditions,” said Nikhil Gunda, founder of GearHead Motors.
The business, which is based in Hyderabad, is also creating an ecosystem that will enable sustainable mobility in the future.
The market for e-bikes is expected to grow and reach $80.6 billion by 2027.
Fuel prices rose in response to the rise in demand for environmentally friendly transportation options, and the interest in cycling as a sport and leisure activity is expected to develop at the fastest rate starting in 2021.
