Chennai: Indian premium electric motorcycle startup, Raptee, has successfully secured USD 3 million in a Pre-Series A funding round, led by the deep-tech venture capital firm, Bluehill Capital. This funding round garnered significant interest from industry experts, including Eugene Mayne, Founder and CEO of Tristar Global (UAE), Lakshmi Narayanan, Former CEO of Cognizant, Ramesh Kannan, Managing Director of Kaynes Technology, Chandu Nair, Director of Shankara Building Products, and other high-net-worth individuals from India and the UAE.
Allocating Funds for Expansion and Innovation
The raised capital will be deployed to enhance Raptee’s manufacturing facility, procure machinery and tooling for their upcoming electric motorcycle, and further strengthen their team.
Safety and Range Enhancement
The high-voltage technology integrated into Raptee motorcycles ensures safer battery packs, extended battery life, and effectively addresses the prevalent concern of range anxiety.
Research and Development Milestones
Earlier this year, Raptee achieved a significant milestone by becoming the sole OEM to receive a grant from the Automotive Research Association of India (ARAI), the certification authority for automobiles in India. This grant was awarded for the design and development of a high-voltage powertrain. Raptee’s inaugural motorcycle is anticipated to make its debut in early 2024. Additionally, the company plans to establish two experience centers in Chennai and Bangalore and expand to eight more cities within its first year of operation.
Expanding Teams and Manufacturing Facilities
Raptee is currently engaged in extensive research and development efforts for its forthcoming product lines and is set to increase its team size to 150, aligning with its business expansion strategy. The Government of Tamil Nadu has recognized Raptee’s progress, allocating a 36-acre property and other incentives to facilitate the company’s manufacturing scale-up.
Company Insights
Dinesh Arjun, Co-founder and CEO of Raptee, expressed, “India is the largest motorcycle market globally, and with the growing adoption of electric vehicles, we aim to launch a mid-premium segment motorcycle that provides a compelling upgrade from internal combustion engine vehicles.”
Manu Iyer, CEO & Partner at Bluehill Capital, commented, “We are impressed by Raptee’s cutting-edge technology and excited to partner with them on their journey. We believe Raptee’s motorcycles will change the face of EV 2-wheelers in India.”
Steady Progress and Growth
Over the past year, Raptee’s workforce has grown significantly, currently exceeding 50 employees. The company’s notable vision and progress have led to collaborations with renowned suppliers of motorcycle components and the recruitment of seasoned industry professionals, ensuring quality production and shorter turnaround times upon scaling up production.
Leading Industry Expert Joins Raptee
Recently, Mr. Jayapradeep V, former Head of Business at Royal Enfield, joined Raptee as Chief Business Officer. The company’s first factory, spanning 3 acres in Chennai, will accommodate most of Raptee’s Research and Development team and boast an annual production capacity of 100,000 units. This factory will serve as Raptee’s primary production facility for the next 24 months, housing advanced development and testing facilities and a dedicated battery pack assembly line. The proposed investment for this factory amounts to INR 80 crore.
Anticipated Launch and Future Plans
Raptee is preparing for the launch of its electric motorcycle early next year, with ambitious plans to expand to 100 cities across India and explore conducive international markets over the next three years.