EV Startup EVage Raises $28 Million From RedBlue Capital
EVage, an electric commercial vehicle startup, has raised $28 million (over Rs 205 crore) from US-based venture capital firm RedBlue Capital. As per the startup, the raised funds will allow EVage to complete its factory outside of Delhi in FY 2022-23 and scale up production.
Founded by Inderveer Singh, EVage is re-imagining mobility and transforming logistics through its indigenously designed and emissions-free electric commercial vehicles. The startup supplies EV trucks to major delivery fleets, such as Amazon India’s delivery service partner.
EVage | Re-Imagining Mobility | Transforming Logistics
Electrifying India’s logistics sector, EVage has fused automobile designing with the ingenuity of aerospace engineering to reimagine and transform the mobility industry.
Speaking on the development, Inderveer Singh said,
[Read: Factors Driving The Growth Of Indian Electric Vehicle Industry]
“The money would be essentially used for ironing out and developing the supply chain and also completing our manufacturing facility (near Chandigarh) so that we are ready to ship out the vehicle…we will be completing it within this year.”
As per the EV startup, its first vehicle, the Model .X (point X), is a one-tonne truck designed for the commercial delivery vehicle market. The vehicle has been designed and developed in close coordination with early fleet customers, including Amazon India’s Delivery Service Partner, to which the company is a supplier.
Prescott Watson, RedBlue Capital General Partner, stated that EVage’s vehicle platform and fabrication approach is something new and much needed to accelerate electrification in low-cost markets.
“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.”
As per Olaf Sakkers, RedBlue Capital General Partner, 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, Olaf added.
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