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Indian EV Startup EVage Raises $28 Million, Set To Provide Electric Trucks For Amazon
Writer: Snehadri Sarkar
While he is a massive sports fanatic, his interest also lies in mainstream news and nitpicking trending and less talked about everyday issues.
India, 19 Jan 2022 7:40 AM GMT | Updated 20 Jan 2022 8:08 AM GMT
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While he is a massive sports fanatic, his interest also lies in mainstream news and nitpicking trending and less talked about everyday issues.
The first vehicle by the setup, Model X, is a one-tonne truck that has been manufactured for the commercial delivery vehicle market. It is also undergoing a seismic shift currently towards electrification.
An all-electric Indian commercial original equipment manufacturer (OEM) EVage announced that it has raised USD 28 million from the US-based venture capital firm RedBlue Capital and will now be supplying EV trucks to a massive delivery fleet in India. Initially formed in 2014, Evage in India is providing EV trucks to big delivery fleets such as Amazon India's Delivery Service Partner.
As per the setup, the seed-round funding will initially boost the mobility tech startup to finish its production-ready factory outside of Delhi in FY2022-23 and further upscale its production.
The Leap
"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. When we pioneered our highly adaptive and modular multi-vehicle platform in 2014, it was a journey into the unknown," Inderveer Singh, Founder and CEO, EVage, was quoted as saying by News18.
EVage has also manufactured a platform for industry-ready electric vehicles that exceed the quality of comparable options already available in the country.
Furthermore, EVage also added that it would be producing vehicles in "Modular Micro Manufacturing" factories with smaller footprints and much lower capital requirements when compared to traditional automotive OEMs.
Model X
The first vehicle by the setup, Model X, is a one-tonne truck that has been manufactured for the commercial delivery vehicle market. It is also undergoing a seismic shift currently towards electrification.
Speaking about EVage, Prescott Watson, General Partner at RedBlue Capital, stated that such a product is being out to use by major fleet customers makes this setup stand out clearly in their field.
Furthermore, Singh added that the company is aggressively hiring from all top automotive and aerospace giants in India and globally.
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