Coimbatore, Tamil Nadu-based electric bike company Ampere Vehicles Pvt Ltd. has raised fresh funding from a group of angel investors including Infosys Co-Founder and former CEO Kris Gopalakrishnan, among others. Kris put in roughly $1.2 million (Rs 8 crore) in the company. It plans to use the raised funding to scale up operations and hire new talent.
Two year ago, Ampere received funding from private equity firms Forum Synergies India and Spain’s IMI Investments. And in July 2015, Ratan Tata invested an undisclosed amount in the company along with Ampere’s existing investor, Forum Synergies.
Hemalatha Annamalai (CEO) founded Ampere in 2007. Its vehicles are used in rural areas by farmers and small business owners to transport their produce to the local markets. The company designs and makes its own chargers, motors, battery and controllers that are needed to make an electric vehicle. It has developed its own method to revive old batteries and offers after-sales service.
In the B2C space, the startup’s primary products are electric cycles and electric two wheelers. In the B2B segment, it sells e-scooters meant for courier delivery, door delivery products. The e-cycles priced in the range between Rs 20,000 and 30,000 and the e-scooters are available in the range between Rs 20,000 and 45,000.
Going forward, Ampere will build an e-cycle factory completely operated by women in the next 3 years. The firm also wants to increase distribution print from the current four States to 10.
Ampere’s forecast about the electric bike industry is that it will grow to be an Rs.18,000 crore industry in the coming years. It moves on with the mission to be a part of the big revolution that electric bikes are going to bring about in the Indian market and economy.
Other player in this space is Bangalore based e-bike venture Ather Energy, which raised $12 million from US based Tiger Global in June 2015.Category Investments News