Twenty Two Motors raises $1.6 mn funding, plans to make mass e-scooters by 2018
Twenty Two Motors cofounders Parveen Kharb and Vijay Chandrawat raised $1.6 million in a pre-series A round funding.autos Updated: Apr 08, 2017 13:52 IST
Gurgaon-based Twenty Two Motors on Saturday said it has raised $1.6 million in an initial round of funding led by Haryana Industries CEO Ishwar Singh.
Farhaan Shabbir, former director of Harley-Davidson, also joined the investment round (pre-series A round funding), Twenty Two Motors said in a statement.
Incorporated in August 2016 by Parveen Kharb and Vijay Chandrawat, the company aims to make electric vehicle technology affordable. The company plans to deliver smart scooters to the masses in the first quarter of 2018.
“We have been able to attract the seasoned and quality talent from major auto companies. Major hurdles of developing Lithium-ion battery, battery management system and smart electronics has also been resolved,” Kharb, co-founder and CEO, said.
The smart scooter will be fully Internet of Things (IoT) compliant and will include GPS, GPRS, Gyroscope and accelerometer. Data from these can be used to determine ride behaviour of the user.
“Investment will be used meticulously to build and prove the product, apart from strengthening startup’s human resource capabilities,” the company said.
Investment will also be channelled for prototype vehicle development, testing, component development and factory setup, it added.
First Published: Apr 08, 2017 13:52 IST