EV startup Vegh announced today that it has secured $5 million in a strategic pre-series investment round.
The funds will be primarily utilised to bolster the company's working capital needs, including creating a robust sales and distribution network, expanding its manufacturing capabilities for EV parts, and further investment in research and development (R&D) initiatives.
Founded in 2021 by Sumeet Gupta, Pragya Goyal, Kamalchand Bothra, Ashkaran Bothra and Namrata Gupta, Vegh has a manufacturing facility in Bathinda, Punjab, which also serves as its research and development hub and has a production capacity of 60,000 units per year. The company has set its sights on scaling up its operations to thrice the current capacity.
Sumeet Gupta said, “The funds will be instrumental in driving Vegh's expansion plans, strengthening our sales and service network, and establishing Vegh as a leading EV brand in India.'