Just ahead of the commercial launch of its flagship product T6X, Pune-based electric vehicle startup Tork Motors got a shot in the arm with Tata Sons Chairman Emeritus Ratan Tata deciding to become an investor in the company.
With this, the company joins a list of more than two dozen startups that Tata has invested in so far including the likes of Snapdeal, Ola, Urban Ladder, Xiaomi, Zivame, PayTM, UrbanClap and Lenskart that have gone on to become unicorns. Tork Motors, which has in the past received funds from other marquee investors like Bharat Forge and Bhavish Aggarwal of Ola, did not specify the exact quantum of the investment made by Tata.
"In last few years, there has been a sea of changes 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," said Ratan Tata. "Overall, I am very impressed and feel that this is the kind of spirit that should be present in every Indian entrepreneur."
Tork Motors is a maker of indigenously developed electric vehicles. Powered by lithium-ion batteries, T6X, the electric motorcycle, is engineered to travel at a top speed of 100 kmph, and runs 100 km on a single charge. The battery can be charged up to 80 per cent in an hour. The company uses its state-of-the-art electric motorcycle technology with its signature TIROS (Tork Intuitive Response Operating System), that will power the T6X. Apart from analysis and compilation of data for every ride, power management, real-time power consumption and range forecasts, TIROS also learns how the bike is being ridden.
"Mr Tata is one of the most prominent business leaders in the world. I am glad that his office representative visited the factory, understood the concept, evaluated the product, and had ridden the motorcycle post which Mr Tata took an informed decision," said Kapil Shelke, Founder and CEO of Tork Motors. "An investment by him is an endorsement of the long-held belief by us that the Indian auto sector is going through a phase of huge growth and transformation. We are privileged to have him come on-board as an investor. Now with his support, guidance and mentorship, we are even more confident about carrying out our vision of promoting e-mobility in India. Our business model is distinctively differentiated with an emphasis on an in-house development in technology and product advancement, with innovation at the core of our offerings. This investment gives us a great opportunity to gain more experience from the master himself."