Indian all-electric commercial original equipment manufacturer (OEM) EVage on Friday said it has raised $28 million from US-based venture firm RedBlue Capital. Established in 2014, Evage in India is providing EV trucks to significant conveyance armadas like Amazon India’s Delivery Service Partner. The seed-round financing will assist the mobility tech startup with finishing its production-ready plant outside of Delhi in FY2022-23 and scale up creation, 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 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.
“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.
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.
Singh said that they are aggressively hiring from the top automotive and aerospace companies in India and globally.
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