Indian all-electric commercial original equipment manufacturer (OEM) EVage on Friday said it has raised $28 million from US-based venture capital firm RedBlue Capital.
Founded in 2014, Evage in India is supplying EV trucks to major delivery fleets such as Amazon India’s Delivery Service Partner.
The seed-round funding will help the mobility tech startup complete its production-ready factory outside of Delhi in FY2022-23 and scale up production, said the startup.
“When we pioneered our highly adaptive and modular multi-vehicle platform in 2014, it was a journey into the unknown. The success of new global OEMs and their impact on electrifying transport in the US and Europe is a testament to what we can do in India and other price-sensitive countries,” said Inderveer Singh, Founder and CEO, EVage.
EVage has developed a platform for industry-ready electric vehicles that exceed the quality of comparable options available in India and other emerging markets at a far lower cost basis, passing on significant total cost of ownership (TCO) savings to its customers.
EVage said it will manufacture vehicles in ‘Modular Micro Manufacturing’ factories with smaller footprints and less capital requirements than traditional automotive OEMs.
EVage’s first vehicle, the Model .X, is a one-tonne truck designed for the commercial delivery vehicle market, and is undergoing a seismic shift towards electrification.
“The fact that such an innovative product is being used today by major fleet customers makes EVage a clear standout in their field – this is the team that’s actually delivering,” said Prescott Watson, General Partner at RedBlue Capital.
Singh said that they are aggressively hiring from the top automotive and aerospace companies in India and globally.
–IANS
na/svn/ksk/
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Dear Reader,
Dear Reader,Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
Credit: Source link
