[Funding alert] EV startup Etrio raises $3M in Series A round
Etrio, an EV technology and product startup, has raised $3 million from a set of HNI investors in Singapore. The company will drive customer acquisition, customer retention, product development, and sales through this fund raise.
The Hyderabad-based startup's funding round was led by serial investor Janardhan Rao, Founder of Triumph Global Group – a Singapore-headquartered international commodity trading house with a consolidated revenue of over $900 million.
The company has a B2B and B2C plan. Touro, Etrio's three-wheeler brand, is scheduled for market launch in October 2020. It will have two variants Touro Mini and Max across both cargo and passenger segments. The cargo variant is bring tested with ecommerce and logistics companies. The company says 500 units of the vehicles have already been booked.
Etrio will also launch the EV Ashva and iSwitch, which are the company’s e-bike product lines, in the coming months.
The startup wants to launch several types of electric vehicles, including two- and three-wheelers, along with retrofitted four-wheelers (e-LCV) to make electric mobility affordable. Etrio’s approach to EVs includes using digital and data-driven technology to make it a community-driven ecosystem.
Deepak MV, Co-founder and CEO, Etrio, said, “After over a year of extensive work, we finally make our big transition from retrofitment (sic) to the creation of new electric vehicles. We will continue to evolve as an EV OEM, bringing reliable products based on superior vehicle architecture, efficient system integration, robust design, and connected systems to drive mass adoption of EVs in India.”
Etrio’s products will also focus on B2B logistics platforms. The founder says that they will also launch a three-wheeler EV soon.
The company has a manufacturing and assembly set up and spread across 20,000 sq ft at Hyderabad, and is in the process of achieving 100 percent localisation of the supply chain.
Launched in 2017, the startup is working with ecommerce and logistics players including Amazon, Flipkart, Big Basket, IKEA, and LetsTransport.
Edited by Kanishk Singh