Early-Stage Funding Secured by EV Startups Raptee, Nikol EV, and SaaS Platform Data Sutram

EV Startups

Three points you will get to know in this article:

  • Raptee, a leading electric motorcycle manufacturer, raised $3 million in pre-Series A funding, backed by Bluehill Capital and prominent angel investors, highlighting substantial growth prospects.
  • Data Sutram, a B2B-SaaS startup, secured $3 million in funding from Bharat Fund and other prominent entities to boost their data-driven financial services.
  • Nikol EV, a pre-seed funded EV charging platform, is enhancing its team, creating hybrid chargers, and expanding its fast EV charging network.

Three innovative electric mobility startups, namely Raptee, Nikol EV, and the B2B software-as-a-service (SaaS) venture Data Sutram, have successfully secured early-stage funding. This announcement was made by the companies on a Tuesday.


Raptee, a prominent electric motorcycle manufacturer, has triumphantly raised $3 million (equivalent to Rs 25 crore) in a pre-Series A funding round. This achievement was made possible through the leadership and support of the esteemed deeptech venture capital firm, Bluehill Capital.

In this funding round, notable angel investors such as Eugene Mayne (from Tristar Global), Ramesh Kannan (associated with Kaynes Technology), and Lakshmi Narayanan (formerly of Cognizant) also joined hands in support.

The secured funds will be strategically allocated towards enhancing our manufacturing infrastructure, procuring cutting-edge machinery, gearing up for the forthcoming vehicle release, and bolstering our talented team.

Raptee, hailing from the vibrant city of Chennai, is a prominent player in the realm of electric motorcycle manufacturing. Our ambitious plan includes a substantial team expansion, taking us from a strong foundation of 50 members to a formidable force of 150.

In March, Raptee secured a grant from the Automotive Research Association of India (ARAI), the leading certification authority for automobiles in India. This grant was earmarked for advancing the design and development of their high-voltage powertrain.

Nikol EV

Nikol EV, the electric vehicle (EV) charging platform, recently secured an undisclosed sum during a pre-seed funding round with the support of the early-stage accelerator, EvolveX.
This funding round witnessed enthusiastic contributions from angel investors, including Vikas Aggarwal, Neeraj Tyagi, and Bhawna Bhatnagar, all part of the esteemed WeFounderCircle network.

In a strategic move forward, the startup intends to leverage this funding infusion to bolster its team and establish a robust backend support system. This infrastructure enhancement is pivotal for the seamless expansion of their business operations. Additionally, a noteworthy part of the funds is earmarked for the development of a cutting-edge hybrid charger capable of simultaneously accommodating 2-wheelers, 3-wheelers, and 4-wheelers. Rigorous testing and certification processes are also in the pipeline to ensure top-tier performance and safety.

Nikol EV, spearheaded by the visionary Arjun D Pawar, is on a mission to revolutionize the EV charging landscape. Their primary focus revolves around crafting innovative EV chargers and establishing a widespread network of fast EV charging stations. To complement this, they offer a comprehensive mobile application, which empowers EV owners by enabling them to effortlessly locate nearby charging stations, make reservations, provide reviews, and execute secure payment transactions for their charging requirements.

This marks the second strategic investment by EvolveX in the month of September. Prior to this, the accelerator firm extended its support to the pre-seed round of the marketing technology (martech) platform, PrintBrix.

Data Sutram

Meanwhile, Data Sutram, a B2B-SaaS startup, has successfully raised $3 million (equivalent to Rs 24.96 crore) in a funding round. This significant investment was spearheaded by Bharat Fund and saw participation from esteemed entities such as Singularity Growth Fund, IIFL, Yatra Angel Network, and White Venture Capital, among other notable contributors.

These funds will play a crucial role in enhancing Data Sutram’s product offerings, streamlining customer acquisition, optimizing credit underwriting, bolstering fraud investigation capabilities, and refining collections processes within the realm of financial services.

Founded in 2019 by the dynamic trio of Rajit Bhattacharya, Ankit Das, and Aisik Paul, Data Sutram is on a mission to tackle the core challenges in banking. Their approach involves harnessing insights derived from GDPR-compliant data collected from various sources.

Back in 2022, this innovative startup successfully secured $2.1 million in funding. The funding round was spearheaded by Varanium Capital and Yatra Angel Network, with enthusiastic participation from DMI Finance’s Sparkle Fund, White Venture, Seeders LLP, as well as ongoing support from existing investors, including IIFL Fintech Fund and Indian Angel Network, along with undisclosed contributions from angel investors.

The early-stage funding successes of Raptee, Data Sutram, and Nikol EV signify a promising future for the electric mobility sector. With substantial investments from renowned investors and venture capital firms, these startups are poised for growth and innovation. The funds will be instrumental in advancing their respective missions, from electric motorcycle manufacturing and B2B-SaaS solutions to revolutionizing EV charging infrastructure. The electric mobility landscape is undoubtedly in for exciting developments as these startups continue to push boundaries and shape the industry’s future.

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