[Funding alert] EV startup Earth Energy EV raises seed funding
Electric Vehicles startuphas raised an undisclosed amount of funding in its seed round. The funding round was led by LR Joshi, Managing Director at Pranada Bio-Pharma Pvt Ltd, along with other equity investors.
According to a statement issued by the startup, Earth Energy EV will be using the freshly raised funds to facilitate the launch of its three vehicle models, hire critical talent, and strengthen its sales network.
Headquartered in Mumbai, Earth Energy EV was founded in late 2017 by Rushi Shenghani. It operates under the parent company Grushie Energy, a Dubai-based company.
Earth Energy develops electric motorcycles, scooters, commercial vehicles and autonomous vehicle drivetrains. The company is involved in the development of electric motorcycles, scooters, commercial vehicles, and autonomous vehicle drivetrains for global consumers.
In a press release, Rushi said:
"It’s remarkable to have the support of our investors as we look to grow the company and disrupt the Electric Vehicles market. The vehicles we are launching in the market are 96 percent localised and in the true sense mark the Make-in-India initiative put forth by the government. The investment will be used to hire critical talent, strengthen the sales network, and make the vehicles production-ready via enhanced OEM relations and strong supply chain."
The new vehicles that Earth Energy EV plans to launch are being developed and perfected with on-road trials since the last 2.5 years. The startup has earlier raised investments from private investors and been a part of the SmartCity Dubai Accelerator Programme 2018.
"The vehicles to be launched in the last quarter of this year will be in the high-speed 2W and commercial vehicles category. We will offer lucrative pricing and buying options to customers for making the transition to EVs easy and comfortable," Rushi added.
(Edited by Teja Lele Desai)