Ratan Tata announces investment in EV startup Tork Motors

By Divyank Kushagra Bansal | on October 14, 2019

Pune-based EV startup Tork Motors, after roping in multiple eminent investors like Bharat Forge & Bhavish Aggarwal (Founder, Ola Cabs), has found yet another prominent name as its next big investor. This time, Mr Ratan Tata, Chairman Emeritus of Tata Sons, has announced that he'll be investing an undisclosed sum in the EV startup led by Founder & CEO Kapil Shelke. The homegrown EV startup has not had a dream start it would have hoped for, as the brand's first product, the T6X electric motorcycle, was shown to the public way back in 2016. Despite garnering close to 1,000 bookings for the T6X in 2016, Tork Motors is yet to formally launch the motorcycle, even after three years. While folks at Tork Motors have announced that the launch date isn't too far, it is still a few months away.

Sharing his thoughts on the decision to invest in Tork Motors, Mr Ratan Tata said, 'In the last few years, there has been a sea change 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. Overall, I am very impressed and feel that this is the kind of spirit that should be present in every Indian entrepreneur.'

Meanwhile, Mr Kapil Shelke, Founder & CEO of Tork Motors had to say the following, '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 rode the motorcycle, post which, Mr Tata took an informed decision. 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.'

Tork Motors made headlines recently as it had launched its first public fast-charge EV station a few days back, at Café Peter’s Bund Garden outlet in Pune. Capable of charging any EV with a GB/T plug, the company claims that this is only one of many more such EV charging stations that will come up in the coming years.

Tags: Tork Motors

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