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Tork Motors, Backed by Bharat Forge, Secures $6 Million in Funding Round

Tork Motors, a prominent player in the electric vehicle manufacturing sector, has successfully raised $6 million in its latest funding round, marking its second institutional round after a hiatus of two and a half years. The investment comes from Maxis Capital, signifying a significant boost for the Pune-based company.

According to regulatory filings accessed from the Registrar of Companies, Tork Motors' board has passed a special resolution to issue equity and CCPS shares, raising a total of Rs 50 crore or $6 million. Each preference share allotted to Maxis Capital will convert into equity shares within the specified conversion period, as outlined in the filings.


Established in 2010, Tork Motors has garnered acclaim for its flagship product, the Kratos R electric two-wheeler. Initially launching its units in Mumbai and Hyderabad, the company has steadily expanded its production capacity to 4,000-5,000 units per month. With aspirations to broaden its geographical presence, Tork Motors aims to target 70–100 cities by the end of 2023.


In a strategic move announced in October, Tork Motors revealed a partnership with Bolt.Earth, an EV software and charging infrastructure provider, aiming to provide 30,000 charging points for its customers.


Tork Motors' post-allotment valuation stands at approximately Rs 370 crore or $45 million. With this latest funding round, the company's total funding raised reaches around $16 million.


Bharat Forge emerges as the largest stakeholder in Tork Motors, holding a 52.46% stake, followed by Maxis Advisors with a 13.51% ownership. Meanwhile, the company's founder and CEO, Kapil Shelke, retains a 19.42% stake.


Tork Motors' operating revenue witnessed a remarkable sevenfold increase to Rs 35.5 crore in FY23 from Rs 4.5 crore in FY22. However, the company experienced a significant spike in losses, which surged 5.7 times to Rs 47.9 crore in FY23 from Rs 8.34 crore in FY22.


In the competitive landscape of electric vehicle manufacturers, Tork Motors faces competition from notable players such as Ultraviolette Automotive, Revolt, and Pure EV.


 

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