Electric 2-wheeler maker Tork Motors raises $6-M from Maxis Capital

Pune-based electric vehicle manufacturing startup Tork Motors has raised INR 50 crore (USD 6 million) from Maxis Capital. Tork Motors has issued 1 equity and 6,912 compulsorily convertible preference shares (CCPS) at INR 72,425 each to raise INR 50 crore.Set up in 2010, Tork Motors has raised around USD 16 million across rounds. Bharat Forge is the largest stakeholder with 52.46% followed by Maxis which owns 13.51%. The company's founder and chief executive officer Kapil Shelke owns 19.42% of the company.Tork Motors’s flagship product is Kratos R. The company initially launched its units in Mumbai and Hyderabad and claims a monthly production capacity of 4,000-5,000 units.