E-cycle startup GearHead raises Rs. 6 Cr in pre-seed funding round
Summary
GearHead, an e-bike startup, has raised Rs 6 crore in a pre-seed round led by Hemin Shah and Sudhakar Moparthy.The funds will be used to expand the startups operations across India, produce electric bikes to accelerate the growth of electric vehicles, and stabilise the technology of their operating system, according to a press release from GearHead.GearHead aims to pave the road for the global supply of electric vehicles and the needs of Indian customers, as well as to build an ecosystem that will support future sustainable mobility. In an effort to solve urban commuting problems on the go, the company has yet to launch four e-bike models named L. I. F. E.Nikhil Gunda, Founder of GearHead Motors, said Currently there has been a rise of electric vehicle penetration in the Indian market by foreign companies trying to sell their substandard products. Due to these products being imported, they often do not align with Indian conditions, and hence the demand for electric vehicles in the market is seen to be on a decline. Aligning with the needs of an Indian customer, hence, has been an important part of building this brand. With this, we are creating a sustainable and healthy ecosystem.GearHead, founded in 2020 by Nikhil Gunda and Meher Sai, is an electric cycle brand that manufactures electric cycles or e-bikes.