Hyderabad-based e-bike startup GearHead has raised Rs 6 crore in a pre-seed funding round led by Hemin Shah (Director of US-based talent firm Collabera) and Sudhakar Moparthy (Director of US-based IT company Skillbanc).
The startup plans to use the raised capital to expand its operations pan India, yield electric bikes to accelerate growth in electric vehicles and stabilise the technology of its operating system.
Founded in 2020 by Nikhil Gunda and Meher Sai, GearHead is an electric cycle brand which produces electric cycles or e-bikes. The startup said it assembles the parts imported from countries by designing over 70% of its components themselves.
“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 a decline," said Nikhil Gunda, Founder of GearHead Motors.
"We came up with the idea to build a product that is affordable and will lead to an increase in homegrown products. Aligning with the needs of an Indian customer, hence, has been an important part of building this brand. With this, we are creating a sustainable and healthy ecosystem."
The brand claims to have delivered more than 8,000 tricycles and over 5,000 e-bikes so far.
Follow IndianStartupNews on Facebook, Instagram, Twitter for the latest updates from the startup ecosystem.