Tork Motors has raised $6 million from Maxis Capital, while Oyo Hotels & Homes is finalising plans to withdraw its IPO application.
Maxis Capital invests in Tork Motors
Electric vehicle manufacturing startup Tork Motors has raised $6 million from Maxis Capital, Entrackr reported. This will be the second institutional round for the Pune-based company after a gap of two-and-a-half years.
Established in 2010, Tork Motors is an electric two-wheeler manufacturer renowned for its flagship product, Kratos R.
The company initially launched its units in Mumbai and Hyderabad and currently boasts a monthly production capacity of 4,000-5,000 units.
Oyo may raise fresh cash in future
Oyo Hotels & Homes, which first filed a draft application for an initial public offer (IPO) of over $1 billion in October 2021, is planning to withdraw the papers, The Economic Times reported on Wednesday.
“The company has been discussing this (withdrawal) for some time now, and it’s near imminent… all key stakeholders have been informed,” said one of the people quoted in the report, adding that Oyo has simultaneously begun conversations with private market investors to raise new cash over the next six to eight months.
Oyo’s first public offer filing was returned by the markets regulator in January 2023, following which the SoftBank-backed firm had to refile its draft red herring prospectus (DRHP) with updates and revisions.
The startup then made a confidential pre-filing with Sebi for a significantly smaller-sized IPO.
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