EV Startup EVage Raises $28 Mn To Make Commercial Vehicles
The introduction of electric commercial vehicles Evage has increased the $ 28 Mn seed subsidy from RedBlue Capital.
Founded in 2019 by Inderveer Singh and Pulkit Srivastava, Evage aims to provide all-electric vehicles selling to Indian Logistics companies. It will use the newly invested funds to complete its ‘ready-to-produce’ factory outside Delhi by FY2022-23 and increase production.
The first model is shown for the launcher, the Model. X is a one-tone truck built for the commercial delivery market and has built-in close collaboration with customers on the first ships. Evage claims to be a supplier of Amazon India delivery partners among others.
The start is said to have created India’s first electric vehicle (EV) that could serve as a standard affordable building for SUVs, vans, trucks, and trucks. Model . X is built on the same structure.
“When we pioneered our versatile and versatile car platform in 2014, it was a journey to an unknown destination. The success of new OEMs around the world and their impact on electricity supply to the US and Europe is a testament to what we can do in India and other non-competitive countries, ”said Inderveer Singh, founder, and CEO at Evage.
According to Evage, it will manufacture cars in ‘modular micro-manufacturing factories, using related hardware, software, and new processes. The launcher believes this can be done in smaller steps and fewer financial requirements than OEMs die.
“Evage Stadium and the process are completely new and much needed to accelerate the installation of electricity in cheap markets. The inventors have taken a completely clean route to find a truck that meets the needs of shipping vessels across India at a cost that exceeds internal burns, “said Prescott Watson, a general partner at RedBlue Capital.
EVs accounted for about 1.3% of all car sales in the country between 2020-21. But the market is still in its infancy and is expected to grow at a CAGR of 90% from 2021 to 2030.
Earlier this week, eVTOL (a direct and indirect power supply) launched the plane Company amassed $ 5 Mn in a Pre-Series A sponsorship round led by Speciale Invest and Micelio.
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