New Delhi, Aug. 18 -- Electric motorcycle maker RapteeHV has begun the process to raise $15-20 million (approximately Rs.140-190 crore) in a Series A round, according to two people familiar with the matter, as it looks to scale production and expand its retail footprint.

"The company is still pulling investors together, but existing investors are expected to put in a significant chunk of the money for the new round," one of the persons said requesting anonymity as the discussions are private. "The company is hoping to close the round in the next three months but it could take longer."

"The focus at the moment is for them to be able to ramp up production, given that they opened a showroom in Bengaluru just last month," said the other per...