Electric mobility startup MT Autocraft has raised Rs 100 crore as seed funding. The latest funds would be used as part of the launch of the electric mobility company MTA E-Mobility Pvt Ltd (MTA EV).

Karan Sehgal, Co-founder of MTA EV said, "We have planned an initial investment of Rs 100 crore which will be funded by MT Autocraft, the Sehgal family and a few high-net-worth individuals (HNIs).”

The latest cash injection will also allow the EV startup to hire two hundred more people for the newly built plant based in Palwal, Haryana. The plant, which is spread across three acres in the national capital region, will enable the company to become a complete electric mobility solutions provider.  

As part of the latest move, MTA EV has named Vivek Jakhmola as the co-founder of the new EV setup. Jakhmola is an industry veteran with over twenty-five years of experience and former president at JBM Group. He also counts Lumax Group as his previous employer.

"We aim to create a sustainable organisation with a sharp focus on technology through self-reliance and intra-dependence on our foreign collaboration partners. We are already a 50-plus strong team in R&D and market research. The team size will increase to 200 plus in the next 12 months," said Jakhmola.

It remains to be seen how the startup expands its wings in the new world of work and manages to capture the growing EV market in India.