[Funding alert] EVage raises investment from Ola Electric co-founder, others
EVage, an electric vehicles (EV) and mobility tech startup, has raised an undisclosed amount of funding led by Ola Electric Co-founder and Senior Advisor Anand Shah.
The other participants in this funding round include BryAir Director Varun Pahwa, and DMI Group partner Anmol Nayyar, according to a statement.
EVage is set to launch their first electric delivery van, which the startup says is a completely 'made in India' structure. The funds raised will be used to build vehicles and deliver the initial orders.
On the investment into EVage, Anand Shah said, “India is poised to be a major market for electric vehicles, starting with heavy users who depend on vehicles for their businesses and livelihoods. EVage has spent several years developing innovations that make it easier to manufacture and deploy commercial electric vehicles. I am excited to support their capable team as they bring transformative new vehicles to the logistics market.”
According to Evage, its team of experts from the aerospace, automotive design, and battery manufacturing industries are focused on addressing the specific mobility needs of India’s rapidly growing logistics and ecommerce segments.
EVage Founder and CEO Inderveer Singh said, “We are working hard to make it easy for vehicle-dependent businesses to leverage clean mobility with purpose-built products.”
On getting Anand Shah to be one of their investors, Inderveer added, “His experience with Ola Electric, BMW ,and Audi will only strengthen our long-term vision to make logistics efficient for our customers and promote clean transportation.”
EVage is based out of Chandigarh and has been actively designing and manufacturing exoskeleton structure, and a purpose-built EV platform for commercial vehicles.
The EV segment in India is populated with a sizeable number of startups with companies like Ather Energy, Tork Motors, BattRE etc. Though majority of them are focused on the two-wheeler segment.
The government has set an ambitious target of having 30 percent of electric mobility by 2030.
Edited by Kanishk Singh