Raptee Energy raises $700K in angel round
Raptee Energy, an e-mobility startup announced that it has raised $700,000 in an angel round from several investors, predominantly HNIs and angels.
These investors include a 99-year-old foundry from south India, an automotive testing company, a leading global infrastructure company, a US-based software solutions company, a Tier-I automotive supplier from Chennai, and more.
Speaking about the funding, Dinesh Arjun, CEO and Co-founder of Raptee Energy said, “The funds will be used to give us a 12 to 15-months runway for production and operations. We will use the funds to get our first motorcycle road-ready and production-ready. We expect to largely use these funds to improve the proprietary technology that we have been developing and on homologation.”
Raptee claims to be focused on penetrating the untapped market with its indigenous software-driven motorcycle that succeeds its petrol-powered counterpart safety, performance, reliability, longevity, cost of ownership, and comfort.
“We’re developing a software-driven motorcycle that comprises as much R&D in software as much as in hardware. With these, our vehicles will outperform any ICE competitor in terms of performance, reliability, longevity, comfort, safety, and cost of ownership,” Dinesh added.
The motorcycles are likely to be launched in early 2022. The startup has already acquired bookings for seven months’ worth of production via the pre-booking portal on its website.
Besides motorcycles, it also supplies state-of-the-art Electric Vehicle Control Units (eVCUs) that the company has designed for its motorcycles to commercial vehicle manufacturers as white-labeled plug and play products as part of its OEM solutions.
Commenting on the investment, MA Gaffar, a MIT Alumni, and an entrepreneur from Hyderabad said, “EVs are the future. India will be the dominating market for the producers of such vehicles and their supporting subsystems. The demand for electric motorcycles is growing, especially in the premium segment. We are glad to see the Raptee team, who are also our college Alumni, venturing into such a future dominating market with such advanced technology supported by product design innovation.”
“Investing in such futuristic technology, innovative and renewable energy-focused products will not only be a goldmine in the future but also a boon to future generations,” he added.
Kumar Sachidanandam, CEO, AIC Anna University Incubation Foundation said, “Electric Vehicles are one such trend waiting to transform the way we commute, whose benefits are efficiency, durability, cost of ownership, and less noise, more importantly, contributing to a greener world. Raptee Energy is squarely placed in the middle of this trend with their deeptech driven approach to transportation and AIC Anna University Incubator is glad to host this young and energetic team.”
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