Hyd's GearHead Motors raises Rs 6 cr in pre-seed funding
City-based D2C e-bike startup GearHead Motors on Friday announced raising Rs 6 crore as part of its seed funding round led by Hemin Shah, Director of Collabera USA and Sudhakar Moparthy, Director of Skillbanc USA.
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Hyderabad City-based D2C e-bike startup GearHead Motors on Friday announced raising Rs 6 crore as part of its seed funding round led by Hemin Shah, Director of Collabera USA and Sudhakar Moparthy, Director of Skillbanc USA.
After being self funded for two years, GearHead has raised this fund to expand its operations across India. The founder aims to create professional and quality electric bikes to accelerate growth in the electric vehicles segment. Additionally, the startup plans on utilizing the investment to stabilize the technology of their operating system.
Nikhil Gunda, Founder, GearHead Motors said, "Currently, there is a rise in electric vehicles penetration in the Indian Market by foreign companies trying to sell their substandard products. Due to these imports, which often do not align with Indian conditions, has led the demand for electric vehicles in the market to decline. Hence, we came with the idea to build a product that is affordable and will lead to an increase in homegrown products. Through the Make in India initiative, we have been able to accomplish our aim of creating a sustainable future not just for the nation but for the planet. Aligning with the needs of an Indian customer, hence, has been an important part of building this brand."
Citing market reports, the founder said that the e-bike market is projected to reach USD 80.6 billion by 2027. "The increase in demand for sustainable mobility solutions due to an increase in fuel price, and growing interest in cycling as a fitness activity is leading to year-on-year growth from 2021. Banking on this, right from the year of establishment, the company pushed its boundaries to create footprints in the electric vehicle industry," Nikhil Gunda said.
GearHead Motors has launched four e-bike models - L I F E. The company is developing India's first operating system for electric vehicles and other sustainable modes of transportation, which will be integrated with all facilities for charging and exchanging electric vehicles.
