[Funding alert] Former Tata Motors' President Gajendra Chandel invests in electric scooter startup BattRE
Jaipur-based electric scooter startup, BattRE, on Monday announced it has raised an undisclosed amount of funding from Former Tata Motors’ President Gajendra Chandel. The startup will use the funds for launching new models, increase production capacity, and scaling up the distribution and service network.
Commenting on the investment, Gajendra Chandel, said,
“The electric vehicle segment has tremendous potential to disrupt the market because of government policy focus as well as the larger cleantech ecosystem.“
Founded in 2017 by Nishchal Chaudhary, BattRE Electric Mobility manufactures affordable e-scooters. The startup differentiates itself from its competitors for its IoT connected electric scooter, which uses cloud-based GPRS to connect with a mobile app and store all vehicle-related data online.
Using the app, vehicle users will be able to locate the nearest charging points, and also predict the scooter’s maintenance-related requirements.
The startup said the scooter runs on lithium ferro phosphate batteries (LiFePO4) instead of the lead-acid batteries, thereby providing superior performance and longer operational life.
Speaking about the latest development, BattRE Electric Founder Nishchal Chaudhary said:
“We are absolutely delighted and honored to have Gajendra Chandel onboard our company. His in-depth knowledge and vast experience in the automotive sector will provide us with the necessary impetus and guidance. Under his mentorship, we are confident of achieving our vision of providing an affordable and aspirational e-scooter and taking e-mobility to the heart of India.”
Similarly, last month, dockless scooter sharing startup Bounce (previously Metro Bikes) secured $72 million in Series C round led by Eduardo Saverin's B Capital, Falcon Edge, Accel Growth Fund, Maverick, and Qualcomm. Existing investor Sequoia Capital, IDG, Omidyar, and Accel Partners too invested in this round.
Late last week, during her maiden Budget speech, Union Finance Minister Nirmala Sitharaman also made a slew of announcements to encourage electric vehicle (EV) manufacturing and adoption in India, including a reduction of Goods and Services Tax (GST) for EVs from 12 percent to five percent. She added there would be an exemption of customs duty on EVs, as well as additional income tax deduction of Rs 1.5 lakh on the interest paid on loan for purchasing EVs.
(Edited by Megha Reddy)