EV Startup Vegh Raises $5 Mn In Pre-Series Funding Round
Vegh, an EV startup, has raised $5 million (Rs 40.9 crore) as part of its ongoing pre-series A funding round from undisclosed investors. The startup targets to raise up to $50 million in the current funding round.
As per the startup, the freshly raised funds will support the company’s working capital needs, improve the sales and distribution network, expand its manufacturing capabilities for EV parts, and research and development initiatives.
Vegh | Two-wheeler E-scooter Brand
Founded by Sumeet Gupta, Pragya Goyal, Kamalchand Bothra, Ashkaran Bothra and Namrata Gupta in 2021, Vegh is a two-wheeler e-scooter brand that has launched three models of electric scooters in India- Vegh L25, Vegh S25 and Vegh S25.
The EV startup has its manufacturing facility located in Bathinda, Punjab.
Speaking about the development, Sumeet Gupta, founder and managing director, said,
“We are thrilled to secure this investment in our pre-series round, which reflects the confidence and support we have garnered from our investors. The funds will be instrumental in driving Vegh’s expansion plans, strengthening our sales and service network, and establishing Vegh as an EV brand in India.”
Driven by its mission to create a sustainable mobility ecosystem, Vegh has an annual production capacity of 60,000 units and serves as its research and development hub.
As per Pragya Goyal, Co-founder and CEO of Vegh, the EV startup is committed to Make in India’s vision and is excited about the future of electric mobility. In the first phase of its expansion strategy, the startup aims to penetrate 12 states with robust sales and service networks, Pragya added.
The firm has also claimed that it has been gaining significant traction in the EV market due to its commitment to innovation, quality, and sustainable transportation solutions.
Vegh has outlined its strategic plan to strengthen sales infrastructure nationwide while expanding the production capacity of its renowned electric scooter series, the Vegh S60. Additionally, the EV firm aims to introduce two highly anticipated high-speed scooter models in the coming months.
A few days back, Finayo, an EV asset and lending platform, raised an undisclosed amount to develop its technology stack and formulate an efficient EV asset and lending solution.
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