HOP Electric Mobility raises US$ 2.6 mn in strategic round of US$ 10 mn pre-series fundraising

HOP Electric Mobility, India's fastest-growing electric vehicle manufacturer, has closed a strategic round of USD 2.6 million as part of an ongoing USD 10 million pre-series fundraiser. The company has achieved the milestone of reaching 105 retail touchpoints with 6200+ on-road scooters in 2021, and with this fundraising, HOP Electric Mobility is targeting 10X growth this 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.”   At present, HOP Electric Mobility 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