Green Tiger Mobility raises $1.95M to convert petrol scooters into EVs
Bengaluru-based Green Tiger Mobility has raised ~$1.95M in equity (Rs 21 crore including grants) for its petrol two-wheeler retrofit business, offering hybrid, full-electric and swappable-battery conversions. Bajaj Motors is an investor and board member. The startup posted Rs 4.6 crore FY25 revenue across 600 retrofits.
What happened
Bengaluru-based Green Tiger Mobility retrofits petrol two-wheelers into EVs via hybrid, full-electric or swappable-battery conversions. It raised ~$1.95M equity
Key facts
- $1.95 million equity
- Rs 21 crore total
- Rs 5 crore round Jan 2022
- Rs 11 crore round 2023
- 600 retrofits
- Rs 4.6 crore FY25 revenue
- 20-24 employees
- 6 patents
- 1.5 lakh km
Why this matters
Bajaj Motors' equity stake and board presence in a retrofit player is worth watching as a signal of OEM interest in aftermarket EV conversion and swappable-battery ecosystems.
What to watch
- RTO/ARAI retrofit certification and homologation updates
- Bajaj deepening involvement (distribution/OEM tie-up announcements)
- New-EV two-wheeler price cuts narrowing the retrofit cost advantage
- FY26 revenue and per-unit retrofit margin disclosures
- State EV subsidy inclusion for conversions vs new purchases
- Deploy capital to open new retrofit/service hubs beyond Bengaluru
- Leverage Bajaj relationship for supply-chain, warranty and dealer access
- Standardize swappable-battery kits to build recurring revenue
- Pursue fleet/commercial contracts for volume predictability
- Seek RTO/ARAI certification clarity to unlock financing and insurance
Also reported by
- YourStory — Same time