According to the startup, the raised capital would be used towards augmenting the manufacturing facility, acquiring machinery, tooling for the soon-to-be-launched motorcycle, and scaling up the team.
Who are the participating investors?
The round also saw participation from industry stalwarts including Eugene Mayne (Founder and CEO of Tristar Global (UAE), Lakshmi Narayanan (Former CEO of Cognizant), Ramesh Kannan (Managing Director at Kaynes Technology), Chandu Nair (Director of Shankara Building Products) and other HNIs from India and the UAE.
What does Raptee do?
Founded in 2019 by four engineers from Chennai (Ex Tesla, Wipro, Royal Enfield), Raptee is a full-stack electric motorcycle manufacturer with a strong technological moat that has been developed indigenously.
The startup claims to have filed for 45+ patents and is the first Indian two-wheeler EV OEM to introduce high-voltage drive train technology, along with an on-board charger, thereby making it compatible with the existing CCS2 public charging network, which is growing fast in India and across the Globe, the release notes.
Currently, India has over 9,000 chargers installed which is comparable to the number of fuel pumps.
Raptee said that its high-voltage technology ensures a safer battery pack, with increased battery life.
Raptee expects to launch its first motorcycle in 2024
Earlier in March, Raptee received a grant from ARAI (Automotive Research Association of India), the certifying authority for automobiles in India, towards the design and development of the high-voltage powertrain.
The startup expects to launch its first motorcycle in early 2024, with two experience centers in Chennai and Bangalore. It plans to expand to 8 more cities by the end of the first year.
While Raptee is developing new products, It plans to grow its team to 150 people. Notably, The Tamil Nadu Government has provided 36 acres of land and other benefits to help increase manufacturing, the release said.
"Having evaluated over 30 EV OEMs in India and having invested deeply in the EV and clean-tech ecosystem in India, we are impressed by Raptee’s cutting edge tech and excited to partner with them on their journey. We believe Raptee’s motorcycles will change the face of EV 2-wheelers in India,” said Manu Iyer, CEO and Partner of Bluehill Capital
Raptee's Chennai factory
Raptee said it has built its first factory in Chennai on 3 acres, which can produce 100,000 units annually and will be its main production plant for two years.
It will have advanced development, testing, and a dedicated battery pack assembly line. The planned investment for this factory is Rs 80 crore.
Recently, The startup onboarded the former Head of Business of Royal Enfield, Mr. Jayapradeep V, as its Chief Business Officer (CBO)