HOP Electric Mobility in talks to raise $10 million to strengthen its portfolio

New Delhi: Electric mobility solutions provider HOP Electric Mobility is in talks to raise $10 million to strengthen its product portfolio and manufacturing footprint in the country.

The company - which has already received the first infusion of $ 2.6 million from a publicly listed strategic investor - expects to close the series A funding round in the next six months. "The resources will be utilised to expand its product portfolio and fortify backward integration of the supply chain to enable indigenous manufacturing of critical components such as cells, motors and controllers", Ketan Mehta, Founder & CEO, HOP Electric Mobility told ET.

HOP Electric Mobility, a diversified business venture of Rays Power Infra, is one of the three new non-automotive investors to qualify under the production linked incentive scheme for OEMs earlier this year.