Ratan Tata-Backed TORK Motors Raises $6 Mn From Maxis Capital

Electric motorcycle manufacturer TORK Motors has raised $6 Mn (INR 50 Cr) in a fresh funding round from Maxis Capital.

In a regulatory filing with the Registrar of Companies (RoCs), the Pune-based EV startup that its board has passed a special resolution to issue and offer 6,912 Compulsorily Convertible Preference Shares (CCPS) having a face value of INR 100 each at a price of INR 72,425 per share to raise INR 50 Cr.

Each preference share issued to the new investor (Maxis Capital) will convert into 1 equity share subject to the relevant conversion period.

The development was first reported by Entrackr.

Founded in 2010 by Kapil Shelke, TORK Motors claims to be India’s first electric motorcycle manufacturer. It is backed by the Bharat Forge group and industrialist Ratan Tata. Tata had invested an undisclosed amount of funding in the startup in 2019. TORK Motos is also a powertrain manufacturer for two- and three-wheelers.

The startup claims to have filed over 50 patents and designs under Intellectual Property Rights since its inception. Its electric bike model is named Kratos R, which comes with a range of 180 km. The vehicle is priced at INR 2.1 Lakh ex-showroom. 

Including the new round, the startup is expected to have raised over $10 Mn so far.

As per Vahan data, TORK Motors saw total vehicle registrations of 1,589 units in 2023, which grew from 319 in the previous year.

In December last year, Log9 and TORK Motors partnered to promote interoperable charging infrastructure in the country under the Bharat Charge Alliance (BCA).

As per reports, the EV startup was targeting monthly sales of around 3,500 EVs by the end of FY24 as it continued to its expand market reach. In June last year, the company inaugurated two new Experience Zones in Rajkot and Ahmedabad.

TORK Motors has plans to broaden its geographical reach and target 70-100 cities by FY24 end.