Volektra
Electrifying Vehicles with Magnet Free, Smart & Connected Drivetrain Platforms
Overview
Raised: $261,730
Total Commitments ($USD)
Wefunder
02/09/2023
04/30/2023
$50,000
$1,235,000
$100
SAFE
Pre-Seed
RegCF
$9,600,000
$12,000,000
10%
Rolling Commitments ($USD)
Active
03/23/2023
38
523%
21%
$6,232
78
2020
Transportation, Automotive, Aviation, & Aerospace
Hardwaretech
B2B/B2C
Medium
High
Summary Profit and Loss Statement
| Most Recent Year | Prior Year | |
|---|---|---|
|
Revenue |
$917,783 |
$814,623 |
|
COGS |
$383,646 |
$467,103 |
|
Tax |
$61,002 |
$10,974 |
| ||
| ||
|
Net Income |
$19,484 |
$296,689 |
Summary Balance Sheet
| Most Recent Year | Prior Year | |
|---|---|---|
|
Cash |
$158,149 |
$238,441 |
|
Accounts Receivable |
$83,634 |
$4,934 |
|
Total Assets |
$408,391 |
$299,308 |
|
Short-Term Debt |
$98,424 |
$2,123 |
|
Long-Term Debt |
$0 |
$0 |
|
Total Liabilities |
$98,424 |
$2,123 |
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Founder Profile
Volektra Founder Manish Seth on Democratizing Sustainable Mobility
Electric vehicles (EVs) are rapidly growing in popularity. EV sales increased 116% from 2020 to 2021. A Reuters analysis revealed that 37 global automakers plan to invest nearly $1.2 trillion in electric vehicles and batteries over the next seven years. And given the worsening effects of climate change, this trend seems likely to continue.But simply buying a new electric car is not the only way to go green. There are a number of startups that specialize in converting traditional gas-powered vehicles into smart EVs. Volektra is one of them. Volektra has developed proprietary drivetrain technology that makes it easy to transform a traditional vehicle into an electric one. KingsCrowd sat down with Volektra founder and CEO Manish Seth to learn about the company’s technology, sales strategy, and more.
Note: This interview was conducted over phone and email. It has been lightly edited for clarity and length.