Hop Electric Mobility, India’s fastest growing electric vehicle maker, has successfully completed a $2.6 million strategic round under ongoing pre-series funding of US$ 10 million. The company has succeeded in achieving the milestone of creating 105 retail connectivity centers with over 6200 scooters plying on the roads in 2021. With the newly raised capital, Hop Electric Mobility is targeting a 10-x growth this year.
Ketan Mehta, Founder and CEO, Hop Electric Mobility, explains the importance of investing in Hop and the role of an investor, “As our strategic investor, a publicly-listed company has made its commitment to driving sustainable business opportunities forward. And the coordination is confirmed. The same investor had earlier supported Hop Electric Mobility’s entry into the new non-automotive investor (OEM) category under the Government of India’s (GoI) ambitious Rs 26,058-crore Production Linked Incentive (PLI) scheme for the auto sector. Under this, we will invest more than Rs 2000 crore in India in the next five years. We aim to enhance India’s manufacturing capacity and boost Hop Electric’s potential to become a leader in global energy mobility.
Hop Electric Mobility is growing at a monthly rate of 50%. The company is recruiting in all departments especially with Design, Engineering, Battery, Cell and Research & Development. In addition, Hop Electric Mobility has initiated the design and engineering of its multi-battery modular platform. The company is developing the Gen2 smart battery and swapping station. It will also introduce two new products in FY2023 on a new platform supported by Gen2 batteries and a swapping station. There is a preparation to launch Hop Oxo soon and its testing has also been done.