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

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.

“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.

Rituraj Baruah
Rituraj Baruah is a senior correspondent at Mint, reporting on housing, urban affairs, small businesses and energy. He has reported on diverse sectors over the last six years including, commodities and stocks market, insolvency and real estate. He has previous stints at Cogencis Information Services, Indo-Asian News Service (IANS) and Inc42.
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