D2C startup Gear Head Motors announced it has raised INR 6 crores as part of its seed funding round led by Hemin Shah, Director of Collabera USA, and Sudhakar Moparthy, Director of Skillbanc USA, according to ETAuto report.
The fresh funds will be used to expand the startup’s operations across India with their commitment to creating professional and high-quality electric bikes to accelerate growth in electric vehicles. Additionally, the company’s team plans on utilizing the investment to stabilize the technology of their operating system to create a much more sustainable industry, the report said.
Founded in 2020 by Nikhil Gunda and Meher Sai, the brand works to bridge the gap between the global supply of electric vehicles and the needs of Indian customers. This feat is achieved through indigenous and robust technology, which is completely made in India.
Commenting on the announcement, Nikhil Gunda, Founder of Gear Head Motors, said, “Currently, there has been a rise of Electric Vehicle penetration in the Indian market by foreign companies trying to sell their substandard products. Due to these products being imported, they often do not align with Indian conditions, and hence the demand for electric vehicles in the market is seen to be on the decline. We came up with the idea to build a product that is affordable and will lead to an increase in homegrown products. With the help of 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, therefore, has been an important part of building this brand. With this, we are creating a sustainable and healthy ecosystem.”
HrNxt.com Newsdesk has researchers and writers with an excellent domain knowledge about the talent ecosystem, and the business environment. The team keeps a tab on the latest happenings in the ecosystem to bring most relevant news and insights for our readers. You can connect with our newsdesk at newsdesk@hrnxt.com.