HOP Electric Mobility Raises $2.6 Million In Pre-Series Fundraising

HOP Electric Mobility, a Jaipur-based electric vehicle (EV) manufacturer, has closed a strategic round of $ 2.6 million funding, as part of an ongoing $10 million pre-series fundraiser. According to HOP Electric, the company is targeting 10X growth this year, and already has 105 retail touchpoints with over 6,200 electric scooters already on road in 2021. According to the company, it intends to invest more than Rs. 2,000 crore in India in the next five years, under the Production-Linked Incentive (PLI) scheme.

Also Read: HOP Electric Mobility Expands Network To Over 100 Retail Touchpoints

Ketan Mehta, Founder & CEO, HOP Electric Mobility

Ketan Mehta, Founder & CEO, HOP Electric Mobility explained the significance of the investment and the role of the investor in HOP, "Our strategic investor, a public-listed company, reaffirmed their commitment and synergies in pursuing sustainable business opportunities. The same investor has previously supported HOP Electric Mobility in becoming a successful mandate holder of the Government of India's (GOI) ambitious INR 26,058 crore Production Linked Incentive (PLI) scheme for Auto under the New Non-Automotive Investor (OEM) category. Under this mandate, we will be investing more than Rs. 2000 crore in India in the next five years. The goal is to bolster India's manufacturing capacities and boost HOP Electric's chances of becoming a global energy mobility pioneer."

Also Read: HOP Electric Mobility Expansion Plans Revealed

HOP Energy Network uses smart batteries and swapping stations.

According to the company, at present, HOP Electric is growing at a month-on-month rate of 50 per cent, and has also embarked on developing a multi-battery modular platform. The company is also developing Gen 2 Smart batteries and swapping stations, and it's expected to roll out two new products on the new platform supported by Gen 2 batteries and a swapping station in FY 2023.

Also Read: HOP Electric Mobility Launches Battery Swapping Network

The HOP OXO will be the company's soon-to-be-launched electric motorcycle which will have a hub-mounted motor and range of 120 km on a single charge.

Nikhil Bhatia, Chief Operating Officer, HOP Electric Mobility said, "Investing in EV mobility is becoming the go-to choice in India. At HOP Electric Mobility, we aspire to make the entire EV ecosystem more inclusive, convenient, and cost-efficient so that everyone can become a part of this energy mobility revolution. The recently closed strategic funding is a morale booster for the entire HOP family, which is working relentlessly to provide best-in-class energy mobility solutions to your doorstep. The conviction and confidence of such prominent investors encourage us to do better every day. We are positive that this pre-seed fundraiser will soon reach its goal."

The HOP LYF electric scooter has a top speed of 50 kmph, and range of 125 km. The company is working on an advanced electric scooter codenamed HOP LYF 2.0 which will be launched by the end of 2022.

HOP Electric Mobility is working on its flagship product, the HOP OXO electric motorcycle, and development of the new electric motorcycle is at an advanced stage. The company has completed 75,000 km of road testing across 14 states and is gearing up for commercial production of the OXO. The company is planning to launch the HOP OXO in the second half of June or early July 2022. Apart from the mass market commuter segment OXO, HOP Electric is also working on a new electric scooter, internally codenamed HOP LYF 2.0. This electric scooter has completed the design and engineering cycle, and will be launched in the third quarter of the current financial year (end of the current calendar year). The company currently has manufacturing capacity of 1.8 lakh units per annum.