EV firm Macstar Auto plans to raise $8million to fund its expansion.
- ByStartupStory | December 10, 2021
According to a report by The Hindu, EV firm Mac Auto India is planning to raise about $8 million from investors to fund its expansion and product-development plans. Founder and Director Abhijeet Wassan said in a statement, “We are aiming to raise up to $8 million through equity funding next year. We are in talks with investors and the funds will be utilized for R&D and to increase our production capacity as well as to get into overseas markets.”
The EV firm makes and supplies e-rickshaws and e-carts for garbage collection and other purposes. It currently manufactures out of a facility in Faridabad 30EVs a day which they plan to increase to 200 units a day.
The company also plans to expand to the international markets of South-East Asia and Africa. Mr. Wassan mentions, “Firstly we want to be in the Philippines through a partnership. We want to set up an assembling facility there. By 2025, we plan to be in Laos, Thailand, Vietnam and Cambodia.” He also added,“We plan to develop new solutions in the cargo space as we have specialized in this segment with market-leadership position. We want to top into the African market which offers vast potential for growth.”
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