Indian E- bikes manufacturing company Gear Head Motors has announced about securing an amount of 6 Cr in a pre-seeding funding round on Wednesday, 28th December 2022.
The pre-seeding funding round for the e-bicycle manufacturing company was led by the director of Collabera the worldwide digital talent solution company, Hemin Shah and the Director of the Information Technology firm Skillbanc, Sudhakar Moparthi. Both the companies have headquarters in the United States of America.
Plans of the Company GearHead on Utilising the Funds Raised
The e-bike manufacturing start-up has reported that it wishes to utilise the sum of 6 Cr generated in the pre-seeding round of funding which is equal to 60 Million US dollars in extending the company’s functioning all over the country. The company also is creating its first ever operating system for vehicles functioning on the electricity and other sustainable transport equipment by providing functions like recharging the electric vehicles and exchanging them.
With respect to the fund raised in the pre-seeding round the Founder of the e-bike manufacturing start-up said that the foreign companies are trying to market the substandard electric vehicles in India and this trend has been rising in the Indian market for the electric vehicles. Thus, such foreign products do not get in line with the condition suitable for India. Due to this there is a down fall for the demand of the electric vehicles in the country. Since to overcome this situation, the company has brought up the plan of designing the products which are budget-friendly. This will in turn lead to increase demand for manufacturing the domestic electric vehicles which also will create more employment opportunities.
The Founder of GearHead also added to his statement that with the aid of the nation’s initiative of Make in India movement, the company has been successfully able to create a sustainable tomorrow for the nation and even to the planet.
About the company GearHead
The electric bikes manufacturing company Gearhead was established in the year 2020 by two Co-founders Nikhil Gunda and Meher Sai, the headquarter of the company is based in Hyderabad. The company offers electric-based bicycles and tricycles to its customers.
The main motto of the company is to provide affordable electric vehicles to its customers and wishes to build a strong community to work for creating a sustainable future. The 70 percent of the vehicle parts have been formulated by the company.
The company has sold around 5000 electric bikes and more than 8000 tricycles upon its establishment till date.
Photo Credit- Entrepreneur
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