- Earlier in March, Raptee became the only OEM to receive a grant from ARAI (Automotive Research Association of India), the certifying authority for automobiles in India, towards the design and development of the high voltage powertrain.
Chennai-based EV motorcycle startup, Raptee has raised $3 Million in a Pre Series A round led by deep-tech VC fund Bluehill Capital. The funds will be allocated towards augmenting the manufacturing facility, acquiring machinery, tooling for the soon to be launched electric two-wheeler (E2W) motorcycle, and to scale up the team.
Earlier in March, Raptee became the only OEM to receive a grant from ARAI (Automotive Research Association of India), the certifying authority for automobiles in India, towards the design and development of the high voltage powertrain. The first motorcycle is expected to debut in early 2024, with two experience centres in Chennai and Bangalore, subsequently expanding to eight more cities by the end of the first year.
Dinesh Arjun, Co-founder CEO, Raptee, said, “At Raptee, we want to launch a motorcycle in a mid-premium segment for consumers who believe that EVs are a true upgrade from ICE vehicles. We are extremely fortunate to be backed by investors from the manufacturing and transportation industries who understand long-term value creation and can add strategic value for us as we gear up for production and scale up.”
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Manu Iyer, CEO & Partner, Bluehill Capital, said, “We strongly share the vision of the Raptee team to build world-class core EV technology right here in Chennai, India in a focused and cost-effective manner. Dinesh and his co-founders have diligently built the vehicle platform indigenously with intellectual property on various aspects of the vehicle sub-system. Having evaluated over 30 EV OEMs in India and having invested deeply in the EV and clean-tech ecosystem in India, we are impressed by Raptee’s cutting edge tech and excited to partner with them on their journey.”
The all-equity funding round saw participation from industry stalwarts including Eugene Mayne, Founder and CEO of Tristar Global (UAE), Lakshmi Narayanan, Former CEO Cognizant, Ramesh Kannan, Managing Director, Kaynes Technology, Chandu Nair, Director, Shankara Building Products and other HNIs from India and the UAE.
The company has filed for 45+ patents so far. Raptee is the first Indian two-wheeler EV OEM to boldly introduce high-voltage drive train technology, along with an on-board charger, thereby making it compatible with the existing CCS2 public charging network.
