Electric bike company, Ampere Vehicles Pvt. Ltd. has secured unspecified amount in fresh round of funding from group of investors. The former CEO and co-founder of Infosys, Kris Gopalakrishnan has invested around $1.2 Million in this round of funding. The company will use the fund to expand its operation and hiring some more people.
The company had raised funding from private equity firm Forum Synergies India and Spain based IMI Investments two year back. Ratan Tata and had also invested unspecified sum in the company with participation of company’s existing investor Forum Synergies India in July this year.
Ampere Vehicles Pvt. Ltd. was founded by Hemalatha Annamalai in 2007. The company manufactures vehicles, which is currently used by farmers and SME owners in rural areas for transportation of their goods to local markets. The company manufactures chargers, motors, controllers and battery for its electric vehicle by itself.
The main products for B2C (business to consumer) space of the company are electric cycles and electric two wheelers, whereas it manufactures e-Scooters in B2B (Business to Business) space. Its e-scooters can be used for courier delivery or for delivering products door-to-door. The price of its eCycles varies from Rs. 20K to 30K, whereas the price of e-Scooters varies from Rs. 20K to 45K.
The company is planning to build a new factory for manufacturing its e-cycle products in next three years, which will be completely operated by women. It is also planning to expand its distribution print up to 10 states. The company faces competition from the Bangalore based e-Bike company Ather Energy. Ather Energy had raised $12 Million from US based Tiger Global in June this year.