GearHead Motors, a D2C e-bike business, stated on December 30 that it had secured Rs 6 crores in a seed fundraising round headed by Hemin Shah, Director of Collabera U.S.A., and Sudhakar Moparthy, Director of Skillbanc U.S.A.
The new cash will be utilized to extend the startup’s operations of high-quality electric motorcycles across India to accelerate electric car growth.
The money comes at a time when people are becoming more aware of climate change and changing their focus to health and fitness.
Nikhil Gunda and Meher Sai founded the business in 2020 to bridge the gap between the worldwide supply of electric vehicles and the demands of Indian customers.
Nikhil Gunda, the creator of GearHead Motors, elaborated:
“There has been a growth in Electric Vehicle penetration in the Indian Market by foreign firms trying to market their poor products. Because these items are imported, they frequently do not conform to Indian circumstances, so market demand for electric vehicles is expected to diminish.
We came up with the concept of producing an inexpensive product that will lead to an increase in indigenous ideas. As a result, aligning with the demands of an Indian client has been a critical component of developing this brand. We are establishing a sustainable and healthy ecology due to this.”
The Hyderabad-based business is also developing an ecosystem that will enable future sustainable mobility. The e-bike industry is growing and is expected to reach USD 80.6 billion by 2027.
The rising need for sustainable transportation solutions, higher fuel prices, and the growing interest in cycling as a health and leisure activity is projected to develop at the fastest year-on-year rate beginning in 2021.
The funds will be used for business growth by the corporation. It was to provide services throughout India. It also wishes to expand its present businesses.
Gear Head, founded in 2020 by Nikhil Gunda and Meher Sai, is recognized for developing electric cycles and e-bikes. It intends to create a sustainable transportation system in India by closing the gap between the worldwide supply of electric vehicles and Indian customer demand.
Entrackr announced that the business would offer four L.I.F.E. e-bike models to alleviate the urban commuting challenge. It claims to have delivered over 8,000 tricycles and over 5,000 e-bikes.
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