Tork Motors Company Profile

Background

Tork Motors, established in 2010 and headquartered in Pune, India, is a pioneering electric vehicle (EV) manufacturer specializing in electric motorcycles and powertrain solutions. The company is renowned for its flagship product, the Kratos R, and has a significant presence in the electric three-wheeler market. Tork Motors is backed by prominent investors, including Bharat Forge, Ratan Tata, and Bhavish Aggarwal. The company has filed over 50 patents and designs under Intellectual Property Rights since its inception.

Key Strategic Focus

Tork Motors focuses on developing high-performance electric motorcycles and powertrain solutions for two- and three-wheelers. The company's strategic objectives include:

• Product Development: Designing and manufacturing electric motorcycles with advanced features and performance capabilities.

• Powertrain Solutions: Supplying electric powertrains to three-wheeler original equipment manufacturers (OEMs).

• Infrastructure Expansion: Establishing a robust charging infrastructure to support its products.

• Market Penetration: Expanding its presence across multiple cities in India.

The company utilizes proprietary technologies, including the Tork Intuitive Response Operating System (TIROS), to enhance vehicle performance and user experience.

Financials and Funding

Tork Motors has secured significant funding to support its growth and expansion:

• Total Funds Raised: Over $10 million across multiple funding rounds.

• Recent Funding Round: In February 2024, the company raised $6 million from Maxis Capital, issuing 6,912 Compulsorily Convertible Preference Shares (CCPS) at a price of ₹72,425 each.

• Notable Investors: Bharat Forge, Ratan Tata, and Bhavish Aggarwal.

• Utilization of Capital: The funds are intended for product development, scaling manufacturing capabilities, and expanding the charging infrastructure.

Pipeline Development

Tork Motors' key pipeline candidates include:

• Kratos R: An electric motorcycle with a range of 180 km and a top speed of 105 km/h.

• Electric Three-Wheeler Powertrain: Supplying powertrains to three-wheeler OEMs, with vehicles powered by Tork's powertrain having clocked over a million kilometers.

The company has achieved FAME-II certification for its products as of October 2022.

Technological Platform and Innovation

Tork Motors distinguishes itself through several technological innovations:

• Proprietary Technologies: TIROS (Tork Intuitive Response Operating System) enhances vehicle performance and user experience.

• Scientific Methods: The company employs advanced engineering and automotive design methodologies, including embedded systems and automotive electronics, to develop practical electric mobility solutions.

Leadership Team

The leadership team at Tork Motors includes:

• Kapil Shelke: Founder and CEO, with a background in mechanical engineering and a focus on electric vehicle technology.

• Premanand Risbud: Finance and business professional with over 12 years of experience in startups.

Leadership Changes

As of August 2024, Bharat Forge, the largest shareholder in Tork Motors, wrote off its investment in the company. The Kalyani Powertrain Limited, a subsidiary of Bharat Forge, controlled a 64.29% stake in Tork Motors at that time.

Strategic Collaborations and Partnerships

Tork Motors has engaged in several strategic collaborations:

• Bharat Forge: Acquired a significant stake in Tork Motors, providing financial backing and strategic support.

• Ratan Tata: Invested in Tork Motors, bringing industry expertise and credibility.

• Maxis Capital: Provided funding in the recent $6 million funding round.

Operational Insights

Tork Motors' operational strategy focuses on:

• In-House Manufacturing: Developing and producing key components internally to maintain quality control and reduce dependency on external suppliers.

• Charging Infrastructure: Partnering with companies like Bolt.Earth to establish a widespread charging network, enhancing customer convenience and promoting EV adoption.

Strategic Opportunities and Future Directions

Tork Motors is exploring several strategic opportunities:

• Expansion into New Markets: Targeting additional cities and regions to broaden its customer base.

• Product Diversification: Developing new models and variants to cater to different consumer preferences and market segments.

• Technological Advancements: Continuing to innovate in electric vehicle technology to enhance performance, efficiency, and user experience.

Market Insights and Competitor Profile

The Indian electric vehicle market is experiencing rapid growth, driven by government incentives, environmental concerns, and technological advancements. The two-wheeler segment, in particular, is witnessing increased adoption of electric motorcycles and scooters.

Key competitors in the electric motorcycle segment include:

• Ultraviolette Automotive: Known for its high-performance electric motorcycles.

• Revolt Motors: Offers AI-enabled electric motorcycles with a focus on urban commuting.

• Pure EV: Specializes in electric two-wheelers with a range of models catering to different market segments.

These competitors focus on innovation, performance, and expanding their market reach to capture a share of the growing EV market.