A clutch of private equity investors, including Endiya Partners, GrowX Ventures, Huddle Accelerator and Micelio, took part in the funding round
NEW DELHI :
Bengaluru-based electric mobility startup, Cell Propulsion, has raised $2 million from a clutch of private equity investors, including Endiya Partners, GrowX Ventures, Huddle Accelerator and Micelio. Last September, the company raised $1 million in a pre-series A round of fundraising. With the current round, the total funds raised by the startup stood by $4 million.
Cell Propulsion builds and deploys electric light commercial vehicles and electric heavy commercial vehicles (eLCVs and eHCVs) as part of their integrated solution.
According to the company, the funding comes at a time when it is deploying eLCVs with various logistics companies for last- and middle-mile movement of cargo, while setting up its first charging station and service centre in Bengaluru. The funds will also be used to further develop the integrated ecosystem to accelerate the adoption of electric commercial vehicles.
In addition to this, the company will also enable the upgradation of e-Bus powertrain technology for eTrucks / eHCVs. This technology was developed as part of a project with the Bangalore Metropolitan Transport Corporation (BMTC), making Cell Propulsion one of the only startups in the country that are developing high-power, high-payload electric CVs and associated solutions, the company said.
Cell Propulsion was founded by former ISRO engineers, and the company focuses on design and development of electric CVs. They deploy these vehicles as part of a fully managed solution to accelerate the adoption of electric commercial vehicles by logistics and transportation companies.
“We are delighted to have continued interest and support from our key investors. With the funds raised last year, as part of our pre-series A round, we successfully completed the certification of battery packs and eLCVs, besides commissioning pilot assembly lines for the battery packs and the eLCVs. The current round has been done to meet growing demand for our solutions, expand our operations, and successfully execute our go-to-market strategy," said Nakul Kukar, co-founder and chief executive, Cell Propulsion.