EVage raises strategic investment from US-based venture capital
On Friday, the Indian all-electric commercial original equipment manufacturer (OEM) EVage said that it has raised $28 million from US-based venture capital firm RedBlue Capital.
The company said that the funding will allow EVage to complete its factory outside of Delhi in FY 2022-23 and scale up production.
EVage which was founded in 2014, in India is supplying EV trucks to major delivery fleets such as Amazon India’s Delivery Service Partner. EVage electrifies into the logistics sector through indigenously designed, emissions-free electric commercial vehicles.
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.
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 the significant total cost of ownership (TCO) savings to its customers.
“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 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.
RedBlue Capital General Partner Olaf Sakkers said India is a market with booming EV demand, especially in the commercial vehicle segment, but there is a severe supply shortage.
“EVage fills this exact gap. We’re excited to be partnering with them through our India Green Growth fund,” he added.
“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.
[With Inputs from IANS]
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