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The Hyderabad-based company said it is currently in the final stage of concluding its Series A1 funding round, amounting to USD 25 million with the participation of a foreign institutional investor.
The company said it will use the funds to expand its charging network, enhance its products, develop its operating system further, acquire talent, and expand internationally.
The funds will be allocated towards improving Raptees manufacturing facility, acquiring machinery, tooling for its to-be-launched motorcycle, and scaling up the team, a statement said.
The Ministry of Heavy Industries (MoHI) plans to increase funding for electric two-wheelers in the FAME-II scheme by 165%. The ministry is seeking an additional INR 1,500 crore in support as funds for the second phase are likely to be exhausted before March 2024 due to strong electric vehicle sales. The proposal includes increasing allocation for e-two-wheelers by 165.5% and reducing it for electric three-wheelers by 60%.
EVCS, which operates its own network of fast chargers as well as stations for clients such as Hilton, plans to increase its network to 2,100 fast chargers by 2025 from 260 currently