Mobility startup EVage raises $28 million
- ByTejika Bajaj | January 15, 2022
The Indian mobility technology startup Evage recently announced that it has raised a sum of $28 million in its seed round of funding from a US based venture capital firm RedBlue Capital.
As per the company officials, the recent round of capital infusion will be deployed by the all-electric commercial original equipment manufacturer (OEM) to complete its production-ready factory present outside Delhi in FY23. Furthermore, the startup also intends to scale up its production and diversify its current offerings.
Expressing his views on the recent round of fundraise along with the company strategy, the Founder and CEO of EVage, Indeerveer Singh said, “When we established our highly adaptive and modular multi-vehicle platform in 2014, it was a journey into the unknown. The success of new global OEMs and their impact on electrifying transport in the US and Europe is a testament to what we can do in India and other price-sensitive countries.”
Founded in 2014 by Inderveer Singh, EVage is a mobility tech startup which sources EV trucks to major delivery fleets such as Amazon. The startup aims to establish Modular Micro Manufacturing factories which will reduce the capital requirements and have smaller footprints as compared to conventional automotive production.
“The fact that such an innovative product is being used today by major fleet customers makes EVage a clear standout in their field – this is the team that’s actually delivering,” said Prescott Watson, General Partner at RedBlue Capital.
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