The Indian electric commercial vehicle start-up, EVage, announced today that the US-based venture capital firm RedBlue Capital has invested $28 million in the firm.
According to the company this will enable the start up to complete its production-ready plant outside Delhi in FY23 and scale up production.
The company claims to have built a platform for industry-ready electric vehicles at a cheaper cost. Besides, the platform will allow it to transfer considerable total cost of ownership (TCO) savings to its consumers.
Moreover, it would use its exclusive hardware, software, and process breakthroughs in manufacturing the vehicles at its 'Modular Micro Manufacturing' facilities. This will help in making the production process less capital intensive, the company said.
Inderveer Singh, Founder & CEO, EVage, said, “The success of new global OEMs and their impact on electrifying transport in the US & Europe is a testament to what we can do in India and other price-sensitive countries.”
Prescott Watson, General Partner, RedBlue Capital, said, “EVage’s vehicle platform and fabrication approach is something totally new and much needed to accelerate electrification in low cost markets. The founders took a completely clean-sheet approach to get a truck that meets the needs of delivery fleets across India at a cost basis that beats internal combustion.”
The company’s debutante product, the Model.X, will be a one-tonne truck and will be targeted towards the delivery vehicle market. According to the company, this product was created and constructed in close collaboration with early fleet customers, including Amazon India's Delivery Service Partner.