[Funding alert] Four-wheeler EV startup EVage raises $28M in seed round from RedBlue Capital
Chandigarh based four-wheeler electric vehicle (EV) startup, which has built an in-house exoskeleton or a modular structure to build customisable vehicles, has raised $28 million in seed round of funding from RedBlue Capital, a US-based venture capital firm.
Founded in 2014, the startup, which is already supplying EV trucks to Amazon India for its delivery services, will use this funding round to complete its factory outside of Delhi in the current fiscal to scale up its production.
EVage had earlier raised an undisclosed round of funding in 2020 from various individuals connected with the automobile industry.
EVage's one tonne electric truck purpose built for deliveries
On the funding received, Inderveer Singh, Founder & CEO, EVage said, “When we pioneered our highly adaptive and modular multi-vehicle platform in 2014, it was a journey into the unknown. The success of new global OEMs and their impact on electrifying transport in the US & Europe is a testament to what we can do in India and other price-sensitive countries.”
According to EVage, its design and manufacturing methodologies ensure the vehicles are produced on a smaller footprint and lesser capital requirements. This also enables it to pass on this cost saving to its customers.
EVage’s first vehicle, the Model .X (point X), is a one-tonne truck designed for the commercial delivery vehicle market.
“EVage’s vehicle platform and fabrication approach is something totally new and much needed to accelerate electrification in low cost markets. The founders took a completely clean-sheet approach to get a truck that meets the needs of delivery fleets across India at a cost basis that beats internal combustion,” said Prescott Watson, General Partner at RedBlue Capital.
The strong point about EVage is that it is in the space of four-wheeler EV segment and there are fewer startups in this space though it faces competition from the large and traditional automobile manufacturers.
“India is a market with booming EV demand especially in the commercial vehicle segment, but there is a severe supply shortage. EVage fills this exact gap. We’re excited to be partnering with them through our India Green Growth fund.” Said Olaf Sakkers, General Partner at RedBlue Capital.
EVage will continue to hire professionals from the automotive and aerospace segments and it currently employs around 50 people at its R&D & robotics centre at Mohali.