The recent funds can be used to broaden the startup’s high-end electrical bike enterprise throughout India to speed up EV progress.
The funding comes at a time when there’s rising local weather consciousness, persons are making the swap to well being and health whereas additionally selecting sustainable merchandise.
Based in 2020 by Nikhil Gunda and Meher Sai, the model is working to bridge the hole between the worldwide EV providing and the wants of Indian prospects.
“At present, the penetration of EVs within the Indian market has elevated with international firms attempting to promote their inferior merchandise. As these merchandise are imported, they usually don’t meet Indian circumstances and therefore the demand for EVs out there is seen as declining,” mentioned Nikhil Gunda, Founding father of GearHead Motors.
The Hyderabad-based startup can also be constructing an ecosystem to help sustainable mobility sooner or later.
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The e-bike market is rising and is anticipated to achieve $80.6 billion by 2027. Growing demand for sustainable mobility options has pushed up gasoline costs, and rising curiosity in biking as a health and leisure exercise is at its highest year-on-year progress as of 2021.