Saturday, January 29, 2022

ਵਾਹਿਗੁਰੂ

spot_img






Indian mobility tech startup EVage raises $28 mn to be a driving force in Commercial EV revolution

- Advertisement -

New Delhi, Jan 14, 2022 – Indian all-electric commercial original equipment manufacturer (OEM) EVage on Friday said it has raised $28 million from US-based venture capital firm RedBlue Capital.

Founded in 2014, Evage in India is supplying EV trucks to major delivery fleets such as Amazon India’s Delivery Service Partner.

The seed-round funding will help the mobility tech startup complete its production-ready factory outside of Delhi in FY2022-23 and scale up production, said the startup.

“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 and Europe is a testament to what we can do in India and other price-sensitive countries,” said Inderveer Singh, Founder and CEO, EVage.

EVage has developed a platform for industry-ready electric vehicles that exceed the quality of comparable options available in India and other emerging markets at a far lower cost basis, passing on significant total cost of ownership (TCO) savings to its customers.

EVage said it will manufacture vehicles in ‘Modular Micro Manufacturing’ factories with smaller footprints and less capital requirements than traditional automotive OEMs.

EVage’s first vehicle, the Model .X, is a one-tonne truck designed for the commercial delivery vehicle market, and is undergoing a seismic shift towards electrification.

“The fact that such an innovative product is being used today by major fleet customers makes EVage a clear standout in their field – this is the team that’s actually delivering,” said Prescott Watson, General Partner at RedBlue Capital.

Singh said that they are aggressively hiring from the top automotive and aerospace companies in India and globally.  (Agency)

Subscribe to YesPunjab Telegram Channel & receive important news updates

- Advertisement -

Yes Punjab - TOP STORIES

Punjab News

Sikh News

Transfers, Postings, Promotions

- Advertisement -spot_img

Stay Connected

20,323FansLike
113,576FollowersFollow

ENTERTAINMENT

National

GLOBAL

OPINION

Pakistan on a new track? – By Asad Mirza

Pakistan after 75 years of its existence has released its first ever National Security Policy (NSP), which it claims will ensure human security for...

Nationalism and Democracy go together – By DC Pathak

India got its Independence some 75 years ago but it still looks like a 'nation in making', judging from the in-terminate debate on 'the...

5 ways to manage childhood allergies – By Dr Nidhi Gupta

Motherhood comes with its own mixed bag of emotions; we want to save our child from every little peril that comes their way, including...

SPORTS

Health & Fitness

90% of people with Covid likely to have underlying heart damage: Experts

Delhi, Jan 25, 2022- While Covid-19 has primarily been a respiratory disease, about 90 per cent of people with moderate to severe infections have lasting effects on the heart, said experts here. Covid affects lungs the most, but studies have shown there is increasing evidence of cardiovascular complications due to Covid-19. The virus can cause acute myocardial injury and chronic damage...

Gadgets & Tech