Pune-based electric vehicle manufacturer, Tork Motors, has raised USD 6 million from Maxis Capital, marking its second institutional round in two-and-a-half years, according to media reports.
Established in 2010, Tork Motors is known for its flagship electric two-wheeler, Kratos R. It currently has a monthly production capacity of 4,000-5,000 units and aims to expand to 70–100 cities by 2023.
In October, Tork Motors partnered with Bolt.Earth to provide 30,000 charging points.
According to media reports, the Tork Motors is valued at approximately USD 45 million post-allotment.
With around USD 16 million raised across rounds, Bharat Forge holds the largest stake at 52.46 per cent, followed by Maxis Advisors at 13.51 per cent. Founder and CEO Kapil Shelke owns 19.42 per cent of the company.