EV

Vegh Raises $5 Million in Pre-Series A Funding Round to Accelerate EV Expansion

• ByStartupStory     |    July 5, 2023

EV startup Vegh has recently secured $5 million (Rs 40.9 crore) from undisclosed investors as part of its ongoing pre-series A funding round. The company aims to raise up to $50 million in total during this round to support its growth and expansion plans.

Allocation of Funds for Working Capital, Sales Network, and R&D

The newly raised funds will be primarily utilised to meet Vegh’s working capital requirements, enhance its sales and distribution network, expand its manufacturing capabilities for electric vehicle (EV) parts, and drive research and development initiatives.

Introducing Vegh – A Two-Wheeler E-Scooter Brand

Founded in 2021 by Sumeet Gupta, Pragya Goyal, Kamalchand Bothra, Ashkaran Bothra, and Namrata Gupta, Vegh is a prominent brand specializing in two-wheeler e-scooters. The company’s manufacturing facility, located in Bathinda, Punjab, not only has an annual production capacity of 60,000 units but also serves as a hub for research and development activities.

Vegh’s co-founder and CEO, Pragya Goyal said, “We are committed to our Make in India vision and are excited about the future of electric mobility. The first phase of its expansion strategy, we aim to penetrate to 12 states with a robust sales and service network.”

 

Follow Startup Story