HOP Electric Mobility Closes A Strategic Funding Round Of $2.6 Mn, Sees 10X Growth This Year
India, May 11 -- Electric vehicle (EV) manufacturer HOP Electric Mobility has closed a strategic funding round of $2.6 Mn as part of its ongoing $10 Mn pre-series fundraiser.
The EV startup did not disclose the name of the investor but said it is a publicly-listed company which previously supported HOP Electric in becoming a mandate holder of the Indian government's INR 26,058 Cr Production Linked Incentive (PLI) scheme for the auto industry. Under the scheme, the startup is looking to invest over INR 2,000 Cr in India over the next five years.
HOP Electric said that the fresh funds would help it bolster its manufacturing capabilities. With the fundraise, the startup is now targeting 10X growth this year. It claims to have reached 105 r...
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