Indian all-electric industrial unique gear producer (OEM) EVage on Friday mentioned it has raised $28 million from US-based enterprise capital agency RedBlue Capital.
Based in 2014, Evage in India is supplying EV vans to main supply fleets akin to Amazon India’s Supply Service Accomplice.
The seed-round funding will assist the mobility tech startup full its production-ready manufacturing facility exterior of Delhi in FY2022-23 and scale up manufacturing, mentioned the startup.
“Once we pioneered our extremely adaptive and modular multi-vehicle platform in 2014, it was a journey into the unknown. The success of latest international OEMs and their impression on electrifying transport within the US and Europe is a testomony to what we will do in India and different price-sensitive nations,” mentioned Inderveer Singh, Founder and CEO, EVage.
EVage has developed a platform for industry-ready electrical autos that exceed the standard of comparable choices accessible in India and different rising markets at a far decrease value foundation, passing on vital whole value of possession (TCO) financial savings to its prospects.
EVage mentioned it would manufacture autos in ‘Modular Micro Manufacturing’ factories with smaller footprints and fewer capital necessities than conventional automotive OEMs.
EVage’s first car, the Mannequin .X, is a one-tonne truck designed for the industrial supply car market, and is present process a seismic shift in direction of electrification.
“The truth that such an progressive product is getting used right now by main fleet prospects makes EVage a transparent standout of their discipline – that is the workforce that is really delivering,” mentioned Prescott Watson, Normal Accomplice at RedBlue Capital.
Singh mentioned that they’re aggressively hiring from the highest automotive and aerospace corporations in India and globally.
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