Cutting-edge electric motorcycle startup Raptee has secured a remarkable $3 million in a Pre-Series A funding round, led by the prestigious deep-tech VC fund, Bluehill Capital.
Raptee's Latest Funding Round
The funding round that catapulted Raptee to the forefront of the EV world saw significant participation from industry stalwarts and high-net-worth individuals (HNIs) who believe in the company's vision. Notable names include Eugene Mayne, Founder and CEO of Tristar Global (UAE), Lakshmi Narayanan, former CEO of Cognizant, Ramesh Kannan, Managing Director of Kaynes Technology, and Chandu Nair, Director of Shankara Building Products, along with other prominent investors from India and the UAE. Their collective faith in Raptee underscores the company's potential to revolutionize the electric motorcycle industry.
The Capital Injection: Fueling Innovation and Expansion
The $3 million raised in this funding round is earmarked for strategic initiatives aimed at propelling Raptee into the future. A significant portion will be allocated to enhancing the manufacturing facility, acquiring state-of-the-art machinery, and tooling for Raptee's highly anticipated electric motorcycle. Additionally, this capital infusion will drive the expansion of Raptee's team, ensuring that the company remains at the forefront of innovation.
The Technological Marvel: High Voltage Technology
Raptee is not an average electric motorcycle manufacturer. It stands as a testament to indigenous innovation, boasting an impressive portfolio of over 45 patents. At the heart of Raptee's technological prowess is its high-voltage drive train technology, a pioneering feat in the Indian EV landscape. This innovation, coupled with an on-board charger, makes Raptee's motorcycles compatible with the CCS2 public charging network, which is rapidly gaining momentum in India and globally. With over 9,000 chargers already installed in India, this compatibility eliminates range anxiety and paves the way for a brighter, electrified future.
Government Recognition and Support
The Tamil Nadu Government has taken notice of Raptee's remarkable progress and contributions to the electric vehicle industry. In a significant show of support, the government has allocated a generous 36-acre property for Raptee's operations, along with various incentives aimed at scaling up manufacturing. This gesture underscores the pivotal role Raptee plays in the burgeoning EV ecosystem in India.
The Road Ahead: Launch and Expansion
Raptee's journey is punctuated by milestones that have garnered attention and acclaim. The company secured a grant from the Automotive Research Association of India (ARAI) for the development of high-voltage powertrain technology. The first Raptee motorcycle is set to debut in early 2024, accompanied by two experience centers in Chennai and Bangalore. Within the first year, Raptee plans to expand its footprint to eight additional cities, solidifying its presence in India.
Building a Dream Team
Raptee's commitment to excellence extends to its team. Over the past year, the company has steadily grown its workforce to over 50 professionals. This growth has attracted top-tier talent from the motorcycle industry, ensuring that Raptee delivers quality and efficiency as it scales up production.
Adding to its impressive roster, Raptee recently welcomed Jayapradeep V, former Head of Business at Royal Enfield, as Chief Business Officer. This strategic addition further solidifies Raptee's standing in the industry and brings invaluable expertise to the table.
The Chennai Hub: Manufacturing Excellence
Raptee's first factory in Chennai spans 3 acres and will house a majority of the company's Research and Development team. With an annual production capacity of 100,000 units, this facility is poised to be the primary production plant for Raptee over the next two years. The R&D center will feature state-of-the-art development and testing facilities, while the manufacturing plant will include a dedicated battery pack assembly line. Remarkably, Raptee has achieved this at a fraction of the cost of its peers in the EV industry, showcasing its frugality without compromising quality.
Raptee's debut electric motorcycle is on track for an early 2024 launch, and the company has ambitious plans for expansion. Within the next three years, Raptee intends to expand its presence to 100 cities across India and explore international markets conducive to its vision.