TORK Motors, a pioneering electric motorcycle manufacturer based in Pune, India, has recently announced a significant milestone in its journey towards revolutionizing the country’s electric vehicle (EV) landscape. The company has successfully secured $6 million (INR 50 crore) in a fresh funding round from Maxis Capital, marking a pivotal moment in its growth trajectory.

The infusion of funds, disclosed in a regulatory filing with the Registrar of Companies (RoCs), signifies a vote of confidence from investors in TORK Motors’ vision and potential to disrupt the automotive industry. The startup’s board has passed a special resolution to issue and offer 6,912 Compulsorily Convertible Preference Shares (CCPS) to Maxis Capital, valued at INR 72,425 per share, with each share set to convert into one equity share during the relevant conversion period.

Established in 2010 by visionary entrepreneur Kapil Shelke, TORK Motors has carved a niche for itself as India’s premier electric motorcycle manufacturer. Backed by esteemed entities like the Bharat Forge group and industrialist Ratan Tata, who made an undisclosed investment in the startup in 2019, TORK Motors has emerged as a trailblazer in the EV ecosystem. Notably, the company also serves as a leading powertrain manufacturer for both two-wheelers and three-wheelers.

One of the hallmarks of TORK Motors’ success lies in its relentless pursuit of innovation and commitment to intellectual property rights. The company boasts an impressive portfolio of over 50 patents and designs, underscoring its dedication to driving technological advancements in the EV sector.

At the forefront of TORK Motors’ product lineup is the groundbreaking electric bike model, the Kratos R. With an impressive range of 180 km and priced competitively at INR 2.1 lakh ex-showroom, the Kratos R epitomizes the fusion of performance, sustainability, and affordability.

The latest funding round represents a significant milestone for TORK Motors, catapulting its total funding raised to over $10 million to date. This substantial financial injection will empower the company to accelerate its expansion plans, bolster research and development initiatives, and further enhance its market presence across India.

TORK Motors’ exponential growth trajectory is further underscored by its impressive sales figures. According to Vahan data, the company witnessed a remarkable surge in vehicle registrations, with a total of 1,589 units recorded in 2023, marking a substantial increase from 319 units in the preceding year. This remarkable growth trajectory is a testament to TORK Motors’ unwavering commitment to delivering cutting-edge EV solutions that resonate with consumers.

In addition to its robust sales performance, TORK Motors has been actively engaged in fostering collaborations and initiatives aimed at promoting the adoption of electric mobility infrastructure in India. The collaboration with Log9 to promote interoperable charging infrastructure under the Bharat Charge Alliance (BCA) exemplifies the company’s commitment to driving sustainable mobility solutions nationwide.

Looking ahead, TORK Motors is poised to capitalize on its momentum and expand its geographical footprint. With ambitious plans to target 70-100 cities by the end of FY24 and a strategic focus on enhancing market penetration, the company is well-positioned to spearhead India’s transition towards a greener and more sustainable future.

In conclusion, TORK Motors’ latest funding round underscores its status as a trailblazer in India’s electric vehicle ecosystem. With unwavering commitment, groundbreaking innovation, and strategic partnerships, the company is poised to redefine the automotive landscape and pave the way for a cleaner, more sustainable future. As TORK Motors continues to chart its course towards excellence, its journey promises to inspire and revolutionize the global EV industry.

By Admin

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