Home / Companies / Start-ups / EV maker EVage raises $28 mn, plans to scale up production

EV maker EVage raises $28 mn, plans to scale up production

With the latest fundraise, EVage plans to scale up its production.

1 min read . Updated: 14 Jan 2022, 10:24 PM IST Rituraj Baruah

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

Listen to this article

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.

MINT PREMIUM See All

The EU said China’s actions, ‘appear to be discriminatory and illegal under WTO rules’ and were hurting exporters in Lithuania and other EU countries

Premium

What you need to know about becoming an angel investor ...

“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.