Pune-based EV Startup Tork Motors Raised Fresh $67K from Ola Founders

Co-founders of Indian cab hailing firm Ola, Bhavish Aggarwal and Ankit Bhati, have together invested fresh US$66,810 (~ ₹45 lakh) in Pune-based electric vehicle (EV) making startup Tork Motorcycles (Tork). Bhavish has invested nearly Rs 30 lakh while Bhati contributed about Rs 15 lakh, in lieu of shares.

This is Tork's second funding from Ola co-founders as earlier in April 2016, the EV had raised angel funding of an undisclosed amount from a host of marquee investors including Ola founders Bhavish Agarwal, Ankit Bhati and a group of angels led by Harpreet Grover, the chief executive and co-founder of CoCubes.

According to Paper.vc, the Ola co-founders invested in Tork in January this year. Tork Motorcycles, has received ₹1.25 Cr from the Ola founders and Kapil Shelke, founder of Tork, stated Paper.vc report. Kapil has put in ₹80 Lakhs and the rest of balance of ₹45 lakh came from Bhavish and Ankit. Current amount included, the Ola founders have invested ₹ 3.2 Cr in the e-bike startup. The startup has raised a total of ₹4.8 Cr to date.

This investment from Ola promoters was closely followed by a deal worth Rs 30 crore with Bharat Forge for a 45% stake in Tork.

Ola founders' investment in Tork is seen as an extension of its ambitious plans of putting a fleet of 10,000 electric vehicles (EVs) over the next 12 months and one million electric vehicles on its platform by 2021 to boost the electric vehicle ecosystem in the country.

Ola had launched a pilot project for electric vehicles in Nagpur, last year, which included electric cabs, electric auto rickshaws, electric buses, rooftop solar installations, charging stations, and battery swapping experiments.

Tork has unveiled India's first all-electric motorcycle - T6X, which has been priced at Rs. 1,24,999, in September 2016.

Last May, Indian government released a report called Transformative Mobility Solutions for India, which carried recommendations of how the Indian subcontinent should electrify all its vehicles by the end of year 2032. Along with suggesting an all-electric fleet on Indian roads by 2032, the report also suggests decreasing the taxes and interest rates for loans on electric vehicles.

Pune-based EV Startup Tork Motors Raised Fresh $67K from Ola Founders

Co-founders of Indian cab hailing firm Ola, Bhavish Aggarwal and Ankit Bhati, have together invested fresh US$66,810 (~ ₹45 lakh) in Pune-based electric vehicle (EV) making startup Tork Motorcycles (Tork). Bhavish has invested nearly Rs 30 lakh while Bhati contributed about Rs 15 lakh, in lieu of shares.

This is Tork's second funding from Ola co-founders as earlier in April 2016, the EV had raised angel funding of an undisclosed amount from a host of marquee investors including Ola founders Bhavish Agarwal, Ankit Bhati and a group of angels led by Harpreet Grover, the chief executive and co-founder of CoCubes.

According to Paper.vc, the Ola co-founders invested in Tork in January this year. Tork Motorcycles, has received ₹1.25 Cr from the Ola founders and Kapil Shelke, founder of Tork, stated Paper.vc report. Kapil has put in ₹80 Lakhs and the rest of balance of ₹45 lakh came from Bhavish and Ankit. Current amount included, the Ola founders have invested ₹ 3.2 Cr in the e-bike startup. The startup has raised a total of ₹4.8 Cr to date.

This investment from Ola promoters was closely followed by a deal worth Rs 30 crore with Bharat Forge for a 45% stake in Tork.

Ola founders' investment in Tork is seen as an extension of its ambitious plans of putting a fleet of 10,000 electric vehicles (EVs) over the next 12 months and one million electric vehicles on its platform by 2021 to boost the electric vehicle ecosystem in the country.

Ola had launched a pilot project for electric vehicles in Nagpur, last year, which included electric cabs, electric auto rickshaws, electric buses, rooftop solar installations, charging stations, and battery swapping experiments.

Tork has unveiled India's first all-electric motorcycle - T6X, which has been priced at Rs. 1,24,999, in September 2016.

Last May, Indian government released a report called Transformative Mobility Solutions for India, which carried recommendations of how the Indian subcontinent should electrify all its vehicles by the end of year 2032. Along with suggesting an all-electric fleet on Indian roads by 2032, the report also suggests decreasing the taxes and interest rates for loans on electric vehicles.

Bharat Forge To Invest ₹300 Mn for 45% Stake in eVehicle Startup TORK Motors

Auto components major Bharat Forge will make a strategic investment of up to Rs 300 million to acquire 45% stake in Pune-based electric vehicle (EV) startup TORK Motors, reported Live Mint. Notably, Bharat Forge is also based out of Pune.

Tork is an e-vehicle startup focused on electric two-wheelers and premium electric motorcycles.

Bharat Forge will acquire stake in the startup in three tranches based on achieving various milestones from time to time.

"The investment committee of the company has approved the acquisition of 4,736 equity shares of Rs 10 each at a premium of Rs 21,103 each and 2,841 preference shares of Rs 100 each at a premium of Rs 21,013 as an initial subscription," Bharat Forge said in a BSE filing.

In a separate filing, the company said it will make a strategic investment of up to Rs 300 million for acquisition of 45 per cent stake in TORK. The company will acquire stake in three tranches based on achieving various milestones from time to time.

Tork was founded by Kapil Shelke, a mechanical engineer with a passion for racing. Shelke has built five motorcycle prototypes at Tork.

In April 2016, TORK had raised angel funding for an undisclosed amount from a host of marquee investors including Ola founders Bhavish Agarwal, Ankit Bhati and a group of angels led by Harpreet Grover, the chief executive and co-founder of CoCubes.

Thereafter, in September 2016, the startup unveiled India's first all-electric motorcycle - T6X, which has been priced at Rs. 1,24,999.

The other electric two-wheeler startups with which TORK competes are -- Bengaluru based Ather Energy and Emflux, Hyderabad based Tork Motorcycles, and Ampere Vehicles. All these startups specifically Ather Energy are well funded.

The demand for electric two-wheelers is expected to be around 1.3 mn by 2020-21, according to industry estimates.

In May 2017, Indian government released a report called Transformative Mobility Solutions for India, which carried recommendations of how the Indian subcontinent should electrify all its vehicles by the end of year 2032. Along with suggesting an all-electric fleet on Indian roads by 2032, the report also suggests decreasing the taxes and interest rates for loans on electric vehicles.

Bharat Forge To Invest ₹300 Mn for 45% Stake in eVehicle Startup TORK Motors

Auto components major Bharat Forge will make a strategic investment of up to Rs 300 million to acquire 45% stake in Pune-based electric vehicle (EV) startup TORK Motors, reported Live Mint. Notably, Bharat Forge is also based out of Pune.

Tork is an e-vehicle startup focused on electric two-wheelers and premium electric motorcycles.

Bharat Forge will acquire stake in the startup in three tranches based on achieving various milestones from time to time.

"The investment committee of the company has approved the acquisition of 4,736 equity shares of Rs 10 each at a premium of Rs 21,103 each and 2,841 preference shares of Rs 100 each at a premium of Rs 21,013 as an initial subscription," Bharat Forge said in a BSE filing.

In a separate filing, the company said it will make a strategic investment of up to Rs 300 million for acquisition of 45 per cent stake in TORK. The company will acquire stake in three tranches based on achieving various milestones from time to time.

Tork was founded by Kapil Shelke, a mechanical engineer with a passion for racing. Shelke has built five motorcycle prototypes at Tork.

In April 2016, TORK had raised angel funding for an undisclosed amount from a host of marquee investors including Ola founders Bhavish Agarwal, Ankit Bhati and a group of angels led by Harpreet Grover, the chief executive and co-founder of CoCubes.

Thereafter, in September 2016, the startup unveiled India's first all-electric motorcycle - T6X, which has been priced at Rs. 1,24,999.

The other electric two-wheeler startups with which TORK competes are -- Bengaluru based Ather Energy and Emflux, Hyderabad based Tork Motorcycles, and Ampere Vehicles. All these startups specifically Ather Energy are well funded.

The demand for electric two-wheelers is expected to be around 1.3 mn by 2020-21, according to industry estimates.

In May 2017, Indian government released a report called Transformative Mobility Solutions for India, which carried recommendations of how the Indian subcontinent should electrify all its vehicles by the end of year 2032. Along with suggesting an all-electric fleet on Indian roads by 2032, the report also suggests decreasing the taxes and interest rates for loans on electric vehicles.

Indian Electric Motorcycle Company Tork Motorcycles Raises Angel Funding

Tork Motorcycles, the company developing India’s first electric motorcycle, has raised angel funding from a host of marquee investors including Ola founders Bhavish Agarwal, Ankit Bhati and a group of angels led by Harpreet Grover, CoCubes Co-Founder & CEO.

Tork Motorcycles is focusing its efforts on creating practical electric mobility solutions for India. The start-up is in the closing stages of the prototyping and certification procedures of India’s first electric motorcycle. Named T6X, the motorcycle is being developed as a serious electric option to petrol-engine motorcycles.

Tork was founded by Kapil Shelke, a mechanical engineer with a passion for racing. Kapil has built 5 motorcycle prototypes at Tork Motors before.

Kapil Shelke, Founder, Tork Motorcycles, says, “We are building India’s first electric motorcycle and are targeting its launch by this year. The motorcycle will solve the rider’s pain points with several value added features like GPS, storage, cloud connectivity and phone charging making it also a first smart motorcycle in India”

Harpreet Grover, Co-founder and CEO, Cocubes said, “Electric vehicles are the future. Drop in battery prices, rising sensitivity around emissions and government’s focus on the sector will fuel demand in India. Kapil and the team at Tork Motors have a fabulous 7 year track record in this segment including podium finish at the Mecca of Electric Racing – Isle of Man. They are using that experience to build a connected motorcycle for the everyday user.”

The company began its foray into electric motorcycles in 2009, when its motorcycle won a place on the podium - the Electric TT race at the Isle of Man, a Mecca for motorcycling enthusiasts. Since then, it has designed, developed and produced five electric motorcycles, applying its learning from motorsport into practical and reliable electric mobility solutions. T6X will be the first electric motorcycle designed for the market. It will have IP over Battery management system, control systems, motor tuning, drive train and overall product integration. The motorcycle will enable significant reduction in overall cost of operation.

The demand for electric two wheelers is expected to be around 1.3 million by 2020-21.

Indian Electric Motorcycle Company Tork Motorcycles Raises Angel Funding

Tork Motorcycles, the company developing India’s first electric motorcycle, has raised angel funding from a host of marquee investors including Ola founders Bhavish Agarwal, Ankit Bhati and a group of angels led by Harpreet Grover, CoCubes Co-Founder & CEO.

Tork Motorcycles is focusing its efforts on creating practical electric mobility solutions for India. The start-up is in the closing stages of the prototyping and certification procedures of India’s first electric motorcycle. Named T6X, the motorcycle is being developed as a serious electric option to petrol-engine motorcycles.

Tork was founded by Kapil Shelke, a mechanical engineer with a passion for racing. Kapil has built 5 motorcycle prototypes at Tork Motors before.

Kapil Shelke, Founder, Tork Motorcycles, says, “We are building India’s first electric motorcycle and are targeting its launch by this year. The motorcycle will solve the rider’s pain points with several value added features like GPS, storage, cloud connectivity and phone charging making it also a first smart motorcycle in India”

Harpreet Grover, Co-founder and CEO, Cocubes said, “Electric vehicles are the future. Drop in battery prices, rising sensitivity around emissions and government’s focus on the sector will fuel demand in India. Kapil and the team at Tork Motors have a fabulous 7 year track record in this segment including podium finish at the Mecca of Electric Racing – Isle of Man. They are using that experience to build a connected motorcycle for the everyday user.”

The company began its foray into electric motorcycles in 2009, when its motorcycle won a place on the podium - the Electric TT race at the Isle of Man, a Mecca for motorcycling enthusiasts. Since then, it has designed, developed and produced five electric motorcycles, applying its learning from motorsport into practical and reliable electric mobility solutions. T6X will be the first electric motorcycle designed for the market. It will have IP over Battery management system, control systems, motor tuning, drive train and overall product integration. The motorcycle will enable significant reduction in overall cost of operation.

The demand for electric two wheelers is expected to be around 1.3 million by 2020-21.

Pune-Based Electric Bike Startup Raises Funding From Ola Founders & Other Angels

Pune-based Electric bike startup Tork Motorcycles has raised angel funding for an undisclosed amount from a host of marquee investors including Ola founders Bhavish Agarwal, Ankit Bhati and a group of angels led by Harpreet Grover, the chief executive and co-founder of CoCubes.

Tork was founded by Kapil Shelke, a mechanical engineer with a passion for racing. Shelke has built five motorcycle prototypes at Tork. "We are building India's first electric motorcycle and are targeting its launch this year. The motorcycle will solve the rider's pain points with several value-added features like GPS, storage, cloud connectivity and phone charging, making it also a first smart motorcycle in India," said Shelke.

[caption id="attachment_105122" align="aligncenter" width="700"] Tork Motorcycle's working prototype of electric bike [/caption]


The startup is in the final stage of prototyping and certification procedures of the country's first electric motorcycle. Named T6X, the motorcycle is being developed as a serious electric option to petrol-engine motorcycles.

T6X will be the first electric motorcycle designed for the market. It will have IP over battery management system, control systems, motor tuning, drive train and overall product integration. The motorcycle will enable significant reduction in overall cost of operation.

Tork's 20-member team is planning to set up a manufacturing unit in Pune and will also be setting up charging units in four locations — Pune, Bengaluru, Gurgaon or Delhi and Chennai. It will build 'Experience Tork' showrooms for customers to have a feel of the motorcycle. The price of T6X is still undecided.



The demand for electric two-wheelers is expected to be around 1.3 mn by 2020-21, according to industry estimates.