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Electric vehicle maker BGauss on Tuesday said it has raised Rs 161 crore in a new funding round from Bharat Value Fund, a mid-market growth investment house.

The funding comprises a mix of primary and secondary capital. With this infusion of capital, the company aims to accelerate its growth strategy, expand its footprint in India and abroad, and bolster its in-house research and development for upcoming product launches, BGauss said in a statement.

The company will focus on increasing its dealership network from 120 to 500, while simultaneously aiming for over 1,000 touchpoints across the country, it added.

In parallel, the company intends to scale its manufacturing capacity, which is currently at 1 lakh per annum, further as demand grows, it added.

“This funding will accelerate our mission to be among the top five EV two-wheeler players and bring cutting-edge, reliable electric scooters to the market. We look forward to expanding our dealer network, boosting manufacturing capacity, and delivering two exciting new products fully designed, engineered, and made for India,” BGauss Founder and Managing Director, Hemant Kabra said.

Bharat Value Fund CIO, Madhu Lunawat said, “As early advocates of sustainable mobility, we have been actively tracking and supporting eco-friendly initiatives since pre-pandemic times. With this transaction, both teams shall work together towards creating a greener tomorrow.”

BGauss said it is also looking to expand in international markets, targeting Europe and SAARC countries as its first international destinations.

Launched in 2020, the company previously raised $6.8 million in a Series A funding round in April 2022. According to Tracxn, the company had a post money valuation of $21.5 million as of April, 2022.

(With inputs from YourStory team)