Ashnni Motors, an electric vehicle (EV) startup, based in Pune has secured $244,000 (Rs 2 crore) in pre-seed funding from WealthTrust Capital Services. The funds will be used to produce the first batch of first-generation vehicles and in-house production of Li-ion battery packs.
Ashnni Motors was founded in 2017 by Vishal Mali and Subodh Karunasagar. The company is on a mission to design, engineer, and manufacture intelligent, purpose-built EV fleets. In 2021, Ashnni Motors received a product development grant from the Department of Science and Technology, Government of India (DST). The company was also a part of the Climate Collective accelerator programme.
“We are excited to announce our pre-seed funding round,” said Vishal Mali, Co-founder and CEO of Ashnni Motors. “This funding will help us accelerate our production and bring our first-generation vehicles to market. We believe that our EVs will revolutionize the transportation industry and help India achieve its climate goals.”
Ashnni Motors’ vehicles are designed for last-mile delivery and other commercial applications. The company’s vehicles are highly efficient and have a long range. They are also equipped with a variety of features that make them ideal for commercial use, such as a robust build quality, a large cargo space, and a variety of charging options.
“We are confident that our EVs will be a success,” said Subodh Karunasagar, Co-founder and CTO of Ashnni Motors. “We have spent years developing our vehicles and have received positive feedback from our customers. We are now ready to bring our vehicles to market and help India move towards a cleaner future.”
Ashnni Motors is currently in the process of producing its first batch of vehicles. The company plans to start shipping its vehicles to customers in August 2023.
