In a pre-seed fundraising round, Veda VC and Venture Catalysts contributed over $1 million to the electric two-wheeler firm Revamp Moto. Other partners included IDBI NSE 0.68% Capital and angel investors such as Deven Bhandari, in addition to the Sharks Aman Gupta, Anupam Mittal, Ashneer Grover, and Peeyush Bansal.
Revamp Moto was founded by Pritesh Mahajan, Jayesh Tope, and Pushkarak Salunke in January 2021 to provide electric two-wheelers for delivery agents, milkmen, and vegetable sellers, etc. In India’s Shark Tank, the firm secured capital from Anupam Mittal and Aman Gupta, bringing it to widespread attention. “Unlike other electric vehicles, our emphasis is on meeting microentrepreneurs’ commercial and personal transportation demands. Our RM Mitra and RM25 products are not only designed for mobility but also for enhancing the efficiency and revenue of organizations. Pritesh Mahajan, co-founder and CEO of Revamp Moto, said, “We are lucky to have investors that share our mission.”
The business intends to use the newly generated capital to hire top staff, product development, and keep up with the growing demand for mobility cars.
It gives us great pleasure to collaborate closely with Revamp Moto in an effort to enhance the last mile of product delivery. According to Vivek Gupta, the founder of Licious, “their one-of-a-kind and revolutionary cold chain solution, which is powered by the battery of the vehicle, has the potential to significantly reduce spoilage-related losses and overall logistics costs while simultaneously lowering our carbon footprint.”
The business competes with new businesses such as River and Dispatch, both of which are developing electric scooters to serve the needs of the gig worker.