Hemin Shah, Director of US-based talent consultancy Collabera, and Sudhakar Moparthy led a pre-seed funding round of Rs 6 crore for Hyderabad-based e-bike startup GearHead (Director of US-based IT company Skillbanc).
The startup intends to use the funds raised to increase the scope of its activities throughout India, produce electric bikes to spur the market for electric cars, and stabilise the technology behind its operating system.
GearHead is a brand of electric cycles or e-bikes that was established in 2020 by Nikhil Gunda and Meher Sai. The business claimed that it designs over 70% of its own components and assembles the ones sourced from other countries.
“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,” said Nikhil Gunda, Founder of GearHead Motors.
“We came up with the idea to build a product that is affordable and will lead to an increase in homegrown products. 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.”