Transportation and logistics focused EV startup 3EV Industries raises $2 million
- ByTejika Bajaj | November 20, 2021
Transportation and logistics focused EV startup 3EV Industries announced that it has raised $2 million in its seed funding round from several family offices.
The company aims to utilize the funds raised for building its new EV powered vehicle and for research and development in order to indigenise and internalise part manufacturing. The startup’s idea is to align with the make in India ambitions.
Talking about the idea of the startup, Nitesh Arora, President of Credence Family Office stated, “We believe there is huge scope for electric vehicles today in the last mile delivery space which is expanding rapidly with the growth of ecommerce in the tier 1 and tier 2 cities.” Credence is a multifamily office which works as advisors to many family offices in India and oversees.
Founded in 2019 as a memoir of partnership between RUGGED Solar Products Pvt td and ReBatt Limited of Hong Kong, 3EV Industries is an EV focused startup that aims to leverage the experience of its parent companies to use renewable energy and off-grid power systems to de-bottleneck the last mile logistics. The startup manufactures vehicles across cargo and passenger segments along with kits to convert conventional vehicles to electrical ones.
With the keen interest of the Indian government in regard to EV adoption, the startups in the EV segment are witnessing greater interest from both the consumers and investors.
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