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Friday, February 3, 2023

GearHead raises Rs.6 crore to expand its e-bike business in India

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GearHead Motors, a new e-bike company, has received Rs. 6 crore in investment. The additional funding will be utilised to extend the company’s operations across India, as part of their commitment to developing professional and high-quality electric motorcycles in order to promote the rise of electric cars.

The financing comes at a time when people are becoming more aware of climate change and gravitating toward health and fitness as well as sustainable products.

GearHead Motors, a D2C business, today announced a seed fundraising round headed by Hemin Shah, Director of Collabera USA, and Sudhakar Moparthy, Director of Skillbanc USA, with the goal of continually contributing to a more sustainable world. After two years of operating on their own resources, the new funding will be utilised to extend the startup’s activities across India, in line with their dedication to create professional and high-quality electric motorcycles in order to drive growth in electric cars.

Furthermore, the company’s team intends to use the funding to stabilise the technology of its operating system in order to establish a far more sustainable sector.

The financing comes at a time when people are becoming more aware of climate change and gravitating toward health and fitness as well as sustainable products.

Nikhil Gunda and Meher Sai founded the business in 2020 to bridge the gap between worldwide supply of electric vehicles and the demands of Indian customers. This achievement is made possible by indigenous and resilient technology developed entirely in India.

Commenting on the statement, Nikhil Gunda, Founder of GearHead Motors, stated, “Currently, there has been a growth of Electric Vehicle penetration in theIndian marketby foreigncompaniestrying to peddle their inferior goods.

Because these items are imported, they frequently do not conform to Indian circumstances, and hence market demand for electric cars is expected to diminish.

We came up with the notion of creating an affordable product that will lead to an increase in homegrown items. We were able to achieve our goal of establishing a sustainable future not just for the country but also for the globe thanks to the Make in India project. As a result, aligning with the demands of an Indian client has been a key component of developing this brand. We are establishing a healthy and sustainable ecology.”

GearHead Motors has been aiming to disrupt the worldwide electric mobility sector since its founding. The initial stage in this wonderful adventure was the introduction of the electric engine in multifunctional cars.

This concept was then successful, prompting the business to consider incorporating electric motors into Nano cars. GearHead Motors, like any other company, continued to innovate and establish itself in the marketplace. To add another pillar to their foundation, the business ventured into electric motorcycles, and their foresight paid off. The Hyderabad-based business is also developing an ecosystem that will enable future sustainable mobility.

The e-bike industry is growing, and it is expected to reach USD 80.6 billion by 2027. Fuel costs soared as demand for sustainable mobility solutions grew, and cycling as a health and leisure activity is predicted to expand at the fastest year-on-year rate beginning in 2021.

Based on this, the firm has pushed its boundaries to leave a mark in the electric car sector since its inception. GearHead Motors is yet to introduce four e-bike models (the LIFE) in an effort to alleviate on-the-go urban commuting challenges by creating a significant presence in the Indian market.

Closer inspection reveals that the business is creating India’s first operating system for electric vehicles and other sustainable means of transportation, which will be integrated with all charging and swapping facilities for electric vehicles.

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