Climate and Clean Tech | June 2, 2022

New Delhi-based Revamp Moto raised $1 million for its electric two-wheelers

Amy Cortese
ImpactAlpha Editor

Amy Cortese

ImpactAlpha, June 2 – Designed for India’s microentrepreneurs and last-mile delivery agents, Revamp Moto’s electric scooters can be easily customized for different uses, such as transporting refrigerated milk cans, crates of vegetables or family members.

The pre-seed funding was led by early stage investors Veda VC and Venture Catalysts.

Electric vehicles are already displacing 1.5 million barrels of oil demand per day, mostly driven by electric two- and three-wheelers in Asia, notes BloombergNEF in its just-released 2022 electric vehicle outlook


On the other end of the spectrum, Croatia-based Rimac hauled in €500 to grow its EV parts business. Softbank and Goldman Sachs led the Series D round, with participation from Porsche.

Rimac will use the funds to build facilities in Croatia and across Europe to manufacture its Nevera high-performance electric car as well as batteries and other components to supply EV partners. The funding round positions Rimac for an IPO.

EV momentum

BNEF expects EV sales to reach 21 million in 2025, up from 6.6 million in 2021. To hit net-zero targets by mid-century, zero-emission vehicles must reach 61% of global new passenger vehicle sales by 2030 and 93% by 2035. The last gas-powered vehicle needs to be sold by 2038.