Currently, HOP Electric Mobility is growing at a month-on-month rate of 50 percent
As part of an ongoing USD 10 million pre-series fundraising to strengthen its product portfolio and manufacturing footprint in India, HOP Electric Mobility has closed a strategic round of USD 2.6 million.
The EV maker is targeting a 10X growth in 2022, a company statement said.
Ketan Mehta, Founder & CEO, HOP Electric Mobility, said, “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 INR 2000 crore in India in the next five years.”
Currently, HOP Electric Mobility is growing at a month-on-month rate of 50 percent.
It has also embarked on its multi-battery modular platform’s design and engineering journey developing Gen 2 smart batteries and swapping stations. It will roll out two new products on the new platform supported by Gen 2 batteries and a swapping station in FY23, stated a company release.
HOP Electric Mobility, a diversified business venture of Rays Power Infra, is one of the three new non-automotive investors to qualify under the production-linked incentive scheme for OEMs earlier this year.