New Delhi: Electric vehicle (EV) maker Hop Electric on Tuesday said its high-speed electric bike OXO has received certification from the Automotive Research Association of India (ARAI). The certification comes on the heels of the company announcing investment of over Rs 2,000 crore in next five years under the production linked incentive (PLI) scheme.

“Having been awarded the ARAI certification and mandate of PLI scheme is an extremely gratifying feat. This achievement signifies that as an organisation, our endeavours towards developing a truly indigenous brand with Indian R&D prowess to roll out Made in India electric vehicles are on track,” HOP Electric CEO and Co-Founder Ketan Mehta said in a statement.

These are important milestones and testimony of the company’s electric team’s expertise in developing sustainable mobility solutions, he added.

HOP Electric Mobility recently closed a strategic round of USD 2.6 million as part of an ongoing USD 10 million pre-series fund raiser.

With the latest funding, it plans to target 10X growth this year, the company stated.