1 min read.Updated: 11 May 2022, 11:49 AM ISTLivemint
Hop is growing at a month-on-month rate of 50%
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Hop Electric Mobility has raised $2.6 million as part of an ongoing $10 million pre-series fundraiser. The company has reached 105 retail touchpoints with 6200+ on-road scooters in 2021, and with this fundraising, the company is targeting 10X growth this year.
Hop is growing at a month-on-month rate of 50%. The company is hiring across all verticals, especially in the design, engineering, battery, cell, and Research & Development verticals. Furthermore, Hop Electric Mobility is also working on its multi-battery modular platform's design and engineering journey.
The company is developing gen 2 smart batteries and swapping stations. It will roll out two new products on the new platform supported by Gen 2 batteries and a swapping station in FY23.
It has flagship product lined up, Hop Oxo, an electric motorbike. The company has completed 75,000 km of road testing across 14 states and is gearing up for commercial production. Hop Oxo has successfully cleared all tests in ARAI, including AIS 156 for batteries. The company is planning to launch it in later half of June/ early July.
Apart from Hop Oxo, which caters to the mass market commuter segment, it has another electric scooter in the pipeline. Internally called Hop Lyf 2.0, the advanced electric scooter has completed the design and engineering cycle. This will likely launch in the third quarter of this financial year.
Ketan Mehta, Founder & CEO – HOP Electric Mobility explained the significance of the investment and the role of the investor in HOP, said “Our strategic investor, a public-listed company reaffirmed their commitment and synergies in pursuing sustainable business opportunities. The same investor has previously supported HOP Electric Mobility in becoming a successful mandate holder of the Government of India's (GOI) ambitious INR 26,058 crore Production Linked Incentive (PLI) scheme for Auto under the New Non-Automotive Investor (OEM) category. Under this mandate, we will be investing more than INR 2000 crore in India in the next five years. The goal is to bolster India's manufacturing capacities and boost HOP Electric's chances of becoming a global energy mobility pioneer."