Electric motorcycle manufacturing startup, Raptee has raised $3 Million in a pre-series A round led by deep-tech VC fund Bluehill Capital.
The funds will be allocated towards augmenting the manufacturing facility, acquiring machinery, tooling for the soon-to-be-launched motorcycle, and to scale up the team.
The all-equity funding round saw participation from Eugene Mayne, Founder and CEO of Tristar Global (UAE), Lakshmi Narayanan, Former CEO of Cognizant, Ramesh Kannan, Managing Director, Kaynes Technology, Chandu Nair, Director of Shankara Building Products and other HNIs from India and the UAE.
The first motorcycle is expected to debut in early 2024, with two experience centres in Chennai and Bangalore, subsequently expanding to 8 more cities by the end of the first year. The Company has filed for more than 45 patents so far.
Dinesh Arjun, Co-founder and CEO of Raptee, said, “India is the largest motorcycle market in the world, with EV adoption on the rise. At Raptee, we want to launch a motorcycle in a mid-premium segment for consumers who believe that EVs are a true upgrade from ICE vehicles.”
Raptee has initiated R&D for the next line of products and is planning to expand the team size to 150 in line with the business plan. Raptee has set up its first factory in Chennai, spread across 3 acres, which will house a majority of Raptee’s Research and Development team. It will have an annual capacity of 100,000 units and will serve as the primary production plant for Raptee for the next 24 months.
The company plans to expand to 100 cities in India and explore a few conducive International markets over the next 3 years.