Integrated e-mobility firm HOP Electric is looking to raise at least USD 30 million (over Rs 200-crore) in Series-A round amid its plans to expand product portfolio as well as dealership network, the company’s founder and Chief Executive Officer Ketan Mehta has said.
The Jaipur-based HOP Electric Mobility, which hit the market with two e-scooters in January this year, is gearing up to launch another vehicle model, an e-bike, OXO, by October-November this year, which will be followed by two more scooters over the next six-nine months, Mehta said.
The company currently has a manufacturing facility in Jaipur, which can produce 50,000 units per annum and can be expanded up to 1-lakh units. Last week, Hop Electric Mobility announced setting up another production plant in Jaipur itself to add capacity of 1.5 lakh units per year by February 2022.
‘We have started our fund raising process now. We are looking to close at least USD 30-million (around Rs 200 crore) before the end of this financial year in Series A,’ Mehta told PTI.
Stating that the company is open to investment from any market - domestic or overseas, he said, ‘We just don’t want to be limited to be an automobile manufacturer. We have to align our thoughts with the investor in a complete ecosystem, ranging from integrated manufacturing to energy infra as well as NBFC financing and swapping, among others, which falls into our plans.’
‘We are looking at investors who have a broader horizon and a much larger picture in the mind to drive the entire ecosystem rather than being limited to a particular system,’ he added.