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evage funding: EV startup EVage raises $28 million from RedBlue Capital, others

New York Tech Editorial Team by New York Tech Editorial Team
January 14, 2022
in Startups & Leaders
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evage funding: EV startup EVage raises $28 million from RedBlue Capital, others
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Bengaluru: EVage, an electric commercial vehicle startup, has raised $28 million in a seed funding round led by US-based VC firm RedBlue Capital. The company said it will use the funds to build a factory outside Delhi, where it will make its maiden product, Model.X, by FY23.

Model.X is a one-tonne truck designed for the commercial delivery vehicle market. Evage, which counts Amazon among its clients, plans to launch the vehicle this year, founder Indraveer Singh told ET.

The Mohali-based company said it has developed a vehicle platform that exceeds the quality of comparable options in India and other emerging markets—and at a lower cost.

A vehicle platform is a set of common design, engineering and production efforts—as well as major components—over a number of outwardly distinct models. For example, Tata Motors uses the same platform as Land Rover for some of its own vehicles.

Evage commenced operations in 2014 and has been developing, testing and validating its product ever since. Singh told ET that the vehicle has been “ready since 2019” and five of them are on the road with clients, each of them having clocked more than 50,000 kilometres.

EVage said it will manufacture vehicles in ‘modular micro manufacturing’ factories with smaller footprints and lower capital requirements than traditional automotive OEMs (original equipment manufacturers).

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“EVage’s vehicle platform and fabrication approach is totally new and much-needed to accelerate electrification in low-cost markets. The founders took a completely clean-sheet approach to get a truck that meets the needs of delivery fleets across India at a cost basis that beats internal combustion,” said Prescott Watson, general partner at RedBlue Capital.

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