EVage, India’s first ‘new age’ car company has raised $28 Million seed funding to accelerate its EV Trucks Business to the next level. EVage has built an in-house exoskeleton or a modular structure to build customisable vehicles and serves clients like Amazon.
On the funding received, Inderveer Singh, Founder & CEO, EVage said, “When we pioneered 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 & Europe is a testament to what we can do in India and other price-sensitive countries.”
According to EVage, its design and manufacturing methodologies ensure the vehicles are produced on a smaller footprint and lesser capital requirements. This also enables it to pass on this cost saving to its customers.
EVage pioneers in developing highly adaptive modular vehicle platform
EVage’s first vehicle, the Model .X (point X), is a one-tonne truck designed for the commercial delivery vehicle market.
“EVage’s vehicle platform and fabrication approach is something totally new and much needed to accelerate electrification in low cost markets. The founders took a completely clean-sheet approach to get a truck that meets the needs of delivery fleets across India at a cost basis that beats internal combustion,” said Prescott Watson, General Partner at RedBlue Capital.
Founded in 2014, the startup, which is already supplying EV trucks to Amazon India for its delivery services, will use this funding round to complete its factory outside of Delhi in the current fiscal to scale up its production.
EVage had earlier raised an undisclosed round of funding in 2020 from various individuals connected with the automobile industry. The seed round of funding was raised from RedBlue Capital, a US-based venture capital firm.
