E-cycle firm GearHead Motors raises Rs 6 crore in pre-seed round
Hyderabad-based e-bike startup GearHead Motors has raised Rs 6 crore in a pre-seed funding round led by angel investors Hemin Shah (Director of US-based talent firm Collabera) and Sudhakar Moparthy (Director of US-based IT company Skillbanc).
The funds are expected to be used to expand operations across India and to strengthen the company’s operating system which is the country’s first for electric vehicles, according to the company.
Founded in 2020 by Nikhil Gunda and Meher Sai, GearHead aims to make electric vehicles mainstream in India. It has delivered more than 8,000 tricycles and over 5,000 e-bikes so far.
“Currently there has been a rise of electric vehicle penetration in the Indian market by foreign companies trying to sell their substandard products. Due to these products being imported, they often do not align with Indian conditions, and hence the demand for electric vehicles in the market is seen to be on a decline. We came up with the idea to build a product that is affordable and will lead to an increase in homegrown products. Aligning with the needs of an Indian customer, hence, has been an important part of building this brand. With this, we are creating a sustainable and healthy ecosystem,” said Nikhil Gunda, Founder of GearHead Motors.
Cleantech firm Perpetuity Capital raises undisclosed amount
Cleantech NBFChas raised an undisclosed amount of debt funding led by UC Inclusive Credit.
The funding will help the start-up expand its loan book in the L5 segment by financing single owner drivers and small fleet operators in NCR, Karnataka, Bihar and West Bengal, where it plans to deploy the funds. This will help fast-track the adoption of EV solutions among the un-banked and underserved in the country that lack access to formal bank credit, according to the company.
Founded in 2017, Perpetuity Capital provides EV financing for commercial use through its platform. In April 2022, Perpetuity Capital raised debt from.
“Going forward we want to increase the number of data points to 200 and completely automate our underwriting process. We believe lending through our balance sheet gives us an advantage over our competitors in an interest rate up-cycle with cost of capital increasing dramatically in the short and medium term,” said Karamveer Dhillon, CEO of Perpetuity Capital.
(The copy will be updated with the latest news throughout the day.)
Edited by Akanksha Sarma