EV startup promoted by Ratan Tata raises 25 mn dollars to develop new models
Electrodrive Powertrain Solution or Electra EV, an electric mobility startup owned and promoted by industrialist Ratan Tata, has raised about USD 25 million in investment from GEF Capital Partners.
Set up in 2017, Electra EV designs and develops, integrates, manufactures, and supplies EV powertrains systems across passenger and commercial vehicle segments.
Its offerings are end-to-end powertrain solutions - supplying full systems including battery packs, e-traction systems, and integrated electronics, sub-systems, and components across multiple segments like two and three-wheelers, four-wheelers and EV applications in agriculture and off-highway segments.
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According to a statement on Thursday, Electra EV will utilize the raised capital for expanding its product portfolio across e3 Wheelers, e4 Wheelers, agricultural applications, and other EV segments to serve both domestic and international manufacturers.
The Company plans to further enhance its design, testing, and prototyping capabilities and expand the production capacity to support growing volumes, the statement said.
"This fund raise provides us with both financial wherewithal and a like-minded partner like GEF Capital to help us continuously innovate, and acquire new customers in India and overseas, thereby achieving our vision of transforming the global movement towards cleaner fuels," said Samir Yajnik, Executive Director at Electra EV.
GEF Capital Partners is a private equity fund manager focused on making investments in companies that seek to address the adverse effects of climate change.
"The EV ecosystem is currently at a pivotal stage, and we believe Electra EV's differentiated proposition of high-end performance, safety, and affordability provides a strong growth opportunity. We are excited to partner with Electra EV in its next phase of growth and development," GEF Capital's Managing Partner Sridhar Narayan said in the statement.