Hemin Shah, Director of Collabera USA, and Sudhakar Moparthy, Director of Skillbanc USA led the initial fundraising round for Hyderabad-based e-bike company GearHead Motors, which raised INR 6 crore.
The E-bike startup firm stated in a release that after running on their resources for two years, the new funding would be utilised to extend the startup’s activities across India with their dedication to producing expert and high-quality electric bikes to promote the growth of electric cars.
The company’s team intends to use the funding to solidify its operating system’s technology in order to build a far more sustainable business.
Commenting on the announcement Mr. Nikhil Gunda, Founder, of GearHead Motors said, “Currently there has been a rise of Electric Vehicle penetration in the Indian Market by foreign companies trying to sell their substandard products. Due to these products being imported, they often do not align with Indian conditions, and hence the demand for Electric Vehicles in the market is seen to be on a decline. We came up with the idea to build a product that is affordable and will lead to an increase in homegrown products.
“With the help of the Make in India initiative, we have been able to accomplish our aim of creating a sustainable future not just for the nation but for the planet,” he further added.
Additionally, the Hyderabad-based business is creating an ecosystem that will enable sustainable mobility in the future.
The market for electric bikes is expected to grow and reach USD 80.6 billion by 2027.
