Leading electric vehicles powertrain solutions company Electrodrive Powertrain Solutions, also know as Electra EV, on Thursday raised over $25 million (about INR 207 crore) from GEF Capital Partners’ South Asia Growth Fund II for a minority stake in the EV solutions company.
The Pune-based Electra EV offers relevant and affordable EV powertrain solutions, systems and services to support OEMs, orchestrators and Tier-1 suppliers. Besides, it works with global electric mobility providers to enable optimised EV powertrain solutions for Asian markets.
Notably, over 25% of the total electric four-wheelers on Indian roads in FY20, have an Electra EV powertrain inside them.
Fresh Capital
The Ratan Tata-owned Electra EV has been continuously innovating to bring new solutions to the forefront in its core areas of powertrain optimisation and energy utilisation. The company will deploy the fresh capital towards expanding its product portfolio across electric three and four-wheelers, agricultural applications and other EV segments to serve domestic and international manufacturers and automotive suppliers.
It also plans to bolster its design, testing and prototyping capabilities apart from increasing its production capacity, the company said in a statement.
Samir Yajnik, Executive Director, Electra EV, said, “This fund raise provides us with both financial wherewithal and a like-minded partner like GEF Capital to help us continuously innovate, acquire new customers in India and overseas, thereby achieving our vision of transforming the global movement towards cleaner fuels.”