Electric Vehicle Maker EVage Raises $28 Million in Seed Funding

The company will use the funding to complete its EV manufacturing facility and scale up its production


Indian electric commercial vehicle startup EVage announced that it raised $28 million in its seed funding round led by RedBlue Capital, a U.S.-based venture capital company.

The fresh funding will help EVage complete its production-ready facility outside of Delhi in the financial year 2022-23 and scale up production.

The company said it had developed a platform for high-quality, cost-competitive, industry-ready electric vehicles (EVs). Its design and manufacturing methodologies leverage a decade of proprietary hardware, software, and process innovations.

The EV startup is expected to manufacture vehicles in modular micro-manufacturing facilities with smaller footprints requiring less capital than traditional automotive original equipment manufacturers (OEMs).

The company has designed a one-ton truck – Model .X (point X) – for the commercial delivery vehicle market and is undergoing a shift towards electrification. The truck was designed and built-in close coordination with early fleet consumers, including Amazon India’s Delivery Service Partner.

RedBlue Capital is an early-stage venture capital firm backing global startups in the transportation, logistics, and energy-transition sectors.

In 2020, E-commerce giant Amazon India announced that its fleet of delivery vehicles will comprise 10,000 EVs by 2025. This fleet will also include EVage’s EV trucks.

Inderveer Singh, Founder and Chief Executive Officer of EVage, said, “We welcome RedBlue Capital in our mission to chare EV adoption in India, with its consequent social, environmental, and economic benefits. When we pioneered a 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 U.S. and Europe is a testament to what we can do in India and other price-sensitive countries.”

The company is also recruiting from top automotive and aerospace companies in India and globally to develop products like a modular single skateboard for building multiple vehicle cycles.

In August 2020, EVage raised strategic investment through the funding round led by Ola-Electric Co-Founder and Senior Advisor Anand Shah. BryAir Director Varun Pahwa and DMI Group Partner Anmol Nair participated in the funding round.

Harsh Shukla is a staff reporter at Mercom India. Previously with Indian Express, he has covered general interest stories. He holds a Masters Degree in Journalism from Symbiosis Institute of Media and Communication, Pune.

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