Kyte Energy, an EV two-wheeler brand, raised Rs 3 crore in their first funding round from ah! Ventures Angel Platform, Soonicorn Ventures and others.
Kyte Energy plans to strategically allocate the funds towards expanding its distribution channels and strengthening its marketing efforts, ultimately aiming to scale up its presence in the Indian market.
LV Sastry, Deal Lead - Kyte Energy and Venture Partner - ah! Ventures said, "As of 2022, India's overall EV penetration, including 2W, is 3 per cent and although the electrification of mobility in India is still at a nascent stage, there is massive headroom for growth. Kyte Energy is very placed in the 2W EV segment given its product innovation and early success in Maharashtra and Gujarat."