Electric vehicle maker EVage announced on Friday that it has raised $28 Mn from U.S. based venture capital firm RedBlue Capital. No other investor participated in the round. The round marks a milestone for EVage as this is among the largest seed funding round raised by any Indian startup.
The proceedings will help the company in setting up production-ready factory outside of capital Delhi in Fy2022-23.
The company has already developed its flagship and first logistics focused industry vehicle called the Model X. Model X is a one tonne truck solely designed for the logistic industry. This commercial delivery vehicle was designed and developed in close coordination with its early fleet customers including Amazon India’s delivery service partner, the company said.
The company also claims that it has developed a platform for industry-ready vehicles that surpass the quality of other available options in India and other developing countries. These vehicles are available at far lower costs, the company further claimed.
EVage was founded by Inderveer Singh and Pulkit Sirvastava in 2029 with an aim to provide indigenously designed, and emissions-free electric commercial vehicles to India’s logistics sector.
Inderveer Singh said that the company is ramping up its hiring process and is especially trying attract top talents from the top automotive and aerospace companies in India and globally. He further added that the company is interested in attracting talents who acknowledge and understand the importance of electrifying the global transportation industry particularly in the developing countries.
