Attron Automotive Raises Rs 4.75 Cr In Funding
Attron Automotive, a provider of motor and controller solutions for electric vehicles (EVs), has raised ₹4.75 crores in funding led by Anicut Capital.
Pontaq VC, Venture Catalyst, and Yashovardhan Shah also participated in the funding round.
As per the startup, the freshly raised funds will be used to support key growth initiatives, such as the development of an assembly line, establishment of a prototyping facility, team expansion, and research and development activities.
Attron Automotive | Electric Vehicle Powertrain Solutions
Founded by Chander Udhay Singh, Mosam Ugemuge, Shubham Pode, and Mohit Borkar, Attron Automotive designs, develops and manufactures EV components that help to reshape the current electric mobility infrastructure.
The startup leverages its innovative technology to provide highly efficient motors and pre-integrated solutions for a wide range of applications, including automotive, defence, aviation, and agriculture.
Speaking about the development, Mosam Ugemuge, Founder and CEO of Attron Automotive, said,
“Anicut Capital’s extensive network will introduce us to potential customers, partners, suppliers, and other investors, opening up new opportunities for collaborations and resources. Post fundraise, we have outlined a set of milestones aimed at capturing a significant market share. We aim to acquire 10 per cent market share in the 3 and 4-wheeler load carriers’ market within the next three years, leveraging our proprietary motor and controller E-powertrain solutions.”
The startup claims to have successfully conducted extensive field testing of its system with several original equipment manufacturers (OEMs) and is now ready for large-scale production after the establishment of its assembly line.
As per the startup, the raised funds will enable it to make progress towards achieving its goals. It plans to set up an assembly line with an initial capacity of 10,000 units per month to expand it to 70,000 units per month within the next five years.
Additionally, the startup plans to target original equipment manufacturers (OEMs) seeking to transition from Chinese powertrain components to domestically manufactured solutions. It also aims to collaborate with other EV component OEMs, such as the battery, DC-DC Converter, BMS, and VCU manufacturers, to offer complete EV solutions for retrofitting and new product development.
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