[Funding alert] EV tech startup Cell Propulsion raises $2M from existing investors
Bengaluru-based mobility and EV technology startup,has raised $2 million (over Rs 14 crore) from existing investors, the company said in a statement.
The fresh capital has been raised to expand operations, cater to the growing demand for its solutions as well as to successfully execute the company's 'go-to-market strategy,' besides the development of the integrated ecosystem to accelerate the adoption of eCVs, Cell Propulsion said in a release.
"Cell Propulsion (has) recently raised funding of $2 million in both debt and equity in a growth round from existing investors. Endiya Partners, growX Ventures, Huddle Accelerator, and Micelio were the key investors in this round," the startup said.
The funding comes on the back of a $1 million capital infusion as part of its pre-series A round in September 2020, it said, adding, this brings the total funds raised by the startup to the tune of around $4 million.
Founded by Nakul Kukar, Paras Kaushal, and Supratim Naskar, Cell Propulsion builds and deploys electric light commercial and heavy commercial vehicles (eLCVs and eHCVs) as part of its integrated solution.
Founders of Cell Propulsion
"We are delighted to have continued interest & support from our key investors. The current round has been done to meet growing demand for our solutions, expand our operations, and successfully execute our go-to-market strategy," Cell Propulsion Co-founder and CEO Nakul Kukar said.
With the funds raised last year, the company completed the certification of battery packs and eLCVs, besides commissioning pilot assembly lines, he added.
The funds will also be used for further development of the integrated eco-system to accelerate the adoption of eCVs. In addition to this, the company will also enable the upgradation of eBus powertrain technology for e-trucks and eHCVs.
This technology was developed as part of the project with Bangalore Metropolitan Transport Corporation (BMTC), making Cell Propulsion one of the only startups in the country developing high power, high payload electric CVs and associated solutions, said the release.
The funding comes at a time when the company initiated deploying eLCVs with various logistics firms for the last and middle-mile movement of cargo while setting up its first charging station and service centre in Bengaluru, it stated.