EV maker EVage raises $28 mn, plans to scale up production
Premium- The all-electric commercial vehicle original equipment manufacturer (OEM) in India supplies EV trucks to major delivery fleets, including Amazon India’s Delivery Service Partner
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NEW DELHI : Electric commercial vehicle startup EVage has raised $28 million in a seed funding round from US-based venture capital firm RedBlue Capital that would be used to expand production.
The company supplies electric trucks to delivery fleet of several companies, including Amazon India, according to a company statement.
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“This is among the largest seed rounds for any Indian startup and will allow EVage to complete its production-ready factory outside of Delhi in FY23 and scale up production," EVage said. Inderveer Singh, founder and chief executive of EVage said the firm’s focus is to create a robust manufacturing base and continue to meet more customer orders. “It’s sort of a growth capital for us in the sense that we want to produce as many vehicles as we want to with this money," he said.
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