Bengaluru-based mobility and electric vehicle technology start-up Cell Propulsion, on Thursday, announced that it has raised funding of $2 million from existing investors - Endiya Partners, growX Ventures, Huddle Accelerator and Micelio.
According to the company, fresh funds will be utilised to expand operations and execute go-to-market strategies.
The funds will also be used to develop the integrated eco-system further to accelerate the adoption of eCVs. In addition to this, the company will also enable the upgradation of eBus powertrain technology for eTrucks / eHCVs.
Nakul Kukar, Co-founder & CEO, Cell Propulsion, said with the funds raised last year, as part of our Pre-Series A round, the company successfully completed the certification of battery packs and eLCVs in addition to commissioning pilot assembly lines for the battery packs and the eLCVs. The current round has been done to meet the growing demand for its solutions, expand operations, and successfully execute go-to-market strategy.
He also mentioned that the company plans to continue its work towards transforming the commercial vehicles segment into connected, electric and smart.
Around September 2020, the company also raised about $1 million as part of its Pre-series A round. This brings the total funds raised by the start-up to the tune of $4 million.
Founded by Nakul Kukar, Paras Kaushal and Supratim Naskar, Cell Propulsion builds and deploys eLCVs and eHCVs as part of the integrated solution.
The funding came when the company initiated deploying eLCVs with various logistics companies for the last and middle-mile movement of cargo while setting up its first charging station and service centre in Bengaluru.