Ratan Tata, chairman emeritus Tata Sons, will invest an undisclosed amount in Pune-based electric motorcycle startup, Tork Motors, which has been readying for the launch of its first product, the T6X.
The Kapil Shelke-led Tork Motors had earlier raised funds from Bharat Forge and Ola Cabs founder Bhavish Aggarwal. Auto components manufacturer Bharat Forge also holds an equity stake of almost 49 per cent in Tork Motors.
In fact, it was Bharat Forge that has helped the startup with engineering, plant designing, manufacturing and supply chain capabilities.
Tork, which is getting ready for the launch of its first product, the T6X, is reported to have been looking to raise over Rs250 crore to fund operations.
The T6X electric motorcycle is powered by a lithium-ion battery capable of providing a range of 100 km in a single charge and can be charged up to 80 per cent in an hour, according to Tork.
Reports said Tork has decided to go ahead with a 3.5 kWh battery on the T6X wherein the battery unit will be dust and water proof. The T6X has been under development for over the past four years.
“Tork is aiming at retails of 5,000 units in the first year starting off from Pune city. In its second year of sales, they plan to expand to Bangalore and ramp up their annual retails to up to 20,000 units," reports cited sources not wishing to be identified as saying.
The T6X is a completely indigenised electric motorcycle, and could cost around Rs1.5 lakh once it is launched and will compete with premium 125cc-200cc motorcycles.
While Shelke refused to disclose the amount he plans to raise from Ratan Tata, citing the non-disclosure agreement, Tata said, “In the last few years, there has been a sea change in the attitude towards electric vehicles. This industry is changing rapidly and I place good value on the sound logic and the approach that the team at Tork Motors has taken."