Tork Motors, a startup that manufactures electric vehicles, has raised $6 million, or Rs 50 crore, from Maxis Capital. After a two-and-a-half-year break, this will be the Pune-based company’s second institutional round.
According to a regulatory filing obtained from the Registrar of Companies, the board of Tork Motors has approved a special resolution to issue 1 equity and 6,912 CCPS at an issue price of Rs 72,425 apiece in order to raise Rs 50 crore, or $6 million.
The filings also stated that, subject to the applicable conversion period, each preference share issued to the new investor (Maxis Capital) will convert into one equity share.
Tork Motors is an electric two-wheeler manufacturer that was founded in 2010 and is best known for its flagship product, the Kratos R. The company opened its first locations in Mumbai and Hyderabad, and it currently has a 4,000–5,000-unit monthly production capacity. By the end of 2023, the company aimed to reach 70–100 cities across a larger geographic area.
In order to offer its consumers 30,000 charging stations, Tork Motors announced in October that it was partnering with EV software and charging infrastructure provider Bolt.Earth.
The company is estimated to be worth about Rs 370 crore, or $45 million after allocation, by startup data intelligence platform TheKredible.
Over $16 million has been raised by Tork Motors in various rounds. Maxis Advisors holds 13.51% of the shares, making Bharat Forge the largest stakeholder with 52.46%. 19.42% of the company is owned by Kapil Shelke, the founder and CEO.
From Rs 4.5 crore in FY22 to Rs 35.5 crore in FY23, Tork Motors’ operating revenue increased seven-fold. The company’s losses increased during that time by 5.7X, from Rs 8.34 crore in FY22 to Rs 47.9 crore in FY23.
Revolt, Pure EV, and Ultraviolette Automotive are some of the competitors of Tork Motors.
