Chennai-based electric vehicle startup Raptee has successfully secured $3 million (about Rs 25 crore) in funding from the deep-tech venture capital firm Bluehill Capital during a pre-series A funding round. These funds will be allocated to boost the company’s manufacturing capabilities, procure necessary machinery and tooling for its upcoming motorcycle launches, and facilitate the expansion of its team.
This funding round consisted entirely of equity investments and saw the participation of Eugene Mayne, the founder and CEO of Tristar Global (UAE), Lakshmi Narayanan, former CEO of Cognizant, Ramesh Kannan, managing director of Kaynes Technology, Chandu Nair, director of Shankara Building Products, and other high-net-worth individuals (HNIs) from both India and the UAE.
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Raptee’s inception took place in 2019, from the collective efforts of four engineers from Chennai, each with backgrounds in organisations like Tesla, Wipro, and Royal Enfield. Moreover, Raptee also mentioned that it has filed over 45 patents. The progress achieved by Raptee has garnered the attention of the Tamil Nadu government, resulting in the allocation of a 36-acre property to facilitate the company’s manufacturing expansion, accompanied by other incentives.
Raptee’s primary manufacturing facility, situated on a 3-acre plot in Chennai, will serve as the core location for Raptee’s research and development activities. This facility boasts an annual production capacity of 100,000 units and will function as the primary production plant for Raptee for the next 24 months. Within this facility, the research and development centre will host on-site development and testing facilities. Additionally, the manufacturing plant will house a dedicated battery pack assembly line, with a proposed investment of Rs 80 crore.
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The first motorcycle from the brand is anticipated to make its debut in early 2024 and will initially be seen in experience centres in Chennai and Bangalore, with subsequent plans to expand to eight additional cities within the first year. Furthermore, the company has set expansion goals, aiming to establish a presence in 100 cities across India and explore select international markets, encouraging its EV offerings over the next three years.