New age e2W startup, Orxa Energies on Tuesday announced that it has closed its Pre-Series A round funding. Alongside, it also made an announcement for its strategic collaboration with Lectrix E-Vehicles, the EV arm of the SAR group.
According to a press release from the start up, this Pre-Series A round of funding will build the momentum for developing the manufacturing capabilities required to ensure that the Mantis’ production keep up with the projected demand.
The collaboration will accelerate launch of its flagship all-electric high-performance motorcycle, the Mantis, the release said.
Additionally, the collaboration will also pave the way for the startup to bring multiple performance EV products into the market, as it sets up its new manufacturing unit on the outskirts of Bengaluru, the release added.
Dr Prajwal Sabnis, Co-Founder, Orxa Energies, said, “Entering into a partnership with Lectrix at this critical juncture in the Mantis product cycle will drive the accelerated manufacturing readiness for commercial production.”
Ranjita Ravi, Co-Founder, Orxa Energies, noted that the company is aiming at growing its lean team by nearly five times in the coming months, with a focus to strengthen our engineering muscle, and developing similar teams in Production, Quality Control, Supply Chain, and Marketing.
“In the last few months, we have added 25% to our team and by October 2022, we will have doubled our team size,” she added.
The company has raised three rounds of external funding so far and each round of funding has allowed it to leap to the next stage of development of the Mantis, the release stated.