Commercial EV producer Urban Sphere raises Rs 30L in funding round
- ByStartupStory | September 26, 2022
Urban Sphere, a connected, said that has secured Rs 30 lakh via an angel network in its first investment round.
The funding will be utilized to develop the company’s activities on a national and worldwide scale, with a particular emphasis on expanding its clientele for linked commercial four-wheeled vehicles.
Turno works in the retail freight three-wheeler (3W) category and claims to have already acquired 75% of the market share since its launch in Bengaluru two months ago. It has formed strategic alliances with prominent 3W electric original equipment manufacturers (OEMs), like Mahindra, Piaggio, and Etrio, among others.
“We will be using this funding to set up extensive ground operations of manufacturing and R&D, with the hope of bringing connected wheels on road for Indian markets through an innovative connected commercial four-wheeled electric vehicle for the future of transport and logistics,” Karthik A, Co-founder and CEO, Urban Sphere, said in a media release.
The firm anticipates being the nation’s top seller of electric cars by August 2022, having quadrupled its sales every month since its inception.
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