Commercial EV startup EVage obtains funding worth $28 million from RedBlue Capital
Electric commercial vehicle startup EVage has announced that it has raised $28 million (over Rs 205 crore) from US-based venture capital firm RedBlue Capital.
The funding will allow EVage to achieve its factory outside of Delhi in FY 2022-23 and scale up production, the company stated.
EVage supplies EV trucks to major delivery fleets, such as Amazon India's delivery service partner.
"The money would be essentially used for ironing out and developing the supply chain and also completing our manufacturing facility (near Chandigarh) so that we are ready to ship out the vehicle…we will be completing it within this year.," EVage founder and CEO Inderveer Singh said.
EVage said its first vehicle, the Model X (point X), is a one-tonne truck designed for the commercial delivery vehicle market. It has been designed and developed in close coordination with early fleet customers, including Amazon India's Delivery Service Partner, to which the company is a supplier.
Stating on the investment in the EV maker, RedBlue Capital General Partner Prescott Watson said EVage's vehicle platform and fabrication approach is something new and much needed to accelerate electrification in low-cost markets.
"The fact that such an innovative product is being used today by major fleet customers makes EVage a clear standout in their field – this is the team that's delivering," he added.
RedBlue Capital General Partner Olaf Sakkers said 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," he added. Watson and Sakkers will join the board of EVage.