Electric Vehicle Maker Revamp Moto Raises Over $1 Million in Funding

New Delhi: Revamp Moto, a maker of electric two-wheelers, has raised over $1 million in pre-seed funding from Veda VC and Venture Catalysts. Other participants included equity investors and angels like Deven Bhandari and Sharks – Aman Gupta, Anupam Mittal, Ashneer Grover and Peeyush Bansal.

Launched in January 2021 by Pritesh Mahajan, Jayesh Tope and Pushkarak Salunke, Revamp Moto manufactures electric two-wheelers for delivery riders, dairymen, vegetable vendors and others. The company rose to prominence in Shark Tank, India, where it raised funds from Anupam Mittal and Aman Gupta.

“Unlike other electric vehicles, our goal is to meet the mobility needs of micro-entrepreneurs for their business as well as daily needs. Our RM Mitra and RM25 products are designed not only for transport, but also for companies to to increase productivity and revenue. We are fortunate to have investors aligned with our goal,” said Pritesh Mahajan, co-founder and CEO of Revamp Moto.

The company plans to use the new funds raised to hire top talent, develop products and meet growing demand for mobility vehicles.

We are proud to work closely with Revamp Moto to improve the last mile delivery of our products. Their unique and innovative cold chain solution, powered by the vehicle battery, has the potential to significantly reduce spoilage losses and overall logistics costs while reducing our carbon footprint,” said Vivek Gupta, Founder of Licious .

The company competes with startups like River and Dispatch, which also build electric scooters for the gig workforce.

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