Electric Vehicle startup EVage raises strategic investment from mobility veteran

The funding round was led by mobility veteran, Ola Electric Co-Founder and Senior Advisor Anand Shah along with BryAir Director Varun Pahwa, and DMI Group partner Anmol Nayyar. The three invested an undisclosed amount in the mobility tech startup EVage, which is set to launch their first Electric Delivery Van on a completely 'Made in India' structure.

EVage's team of experts is focused on addressing the specific mobility needs of India's rapidly growing logistics and e-commerce segments. (Representational photo) (MINT_PRINT)
EVage's team of experts is focused on addressing the specific mobility needs of India's rapidly growing logistics and e-commerce segments. (Representational photo)

"India is poised to be a major market for electric vehicles, starting with heavy users who depend on vehicles for their businesses and livelihoods. EVage has spent several years developing innovations that make it easier to manufacture and deploy commercial electric vehicles. I am excited to support their capable team as they bring transformative new vehicles to the logistics market," said Anand Shah, Co-Founder and Senior Advisor, Ola Electric.

Also Read : American EV startup Canoo to go public at $2.4 billion valuation

EVage's team of experts from Aerospace, Automotive Design, and Battery Manufacturing industries are focused on addressing the specific mobility needs of India's rapidly growing logistics and e-commerce segments. EVage in line with PM Modi's vision of 'Made in India, Made for World' is set to disrupt the logistics sector with the upcoming launch of their four-wheeler Electric Delivery Van.

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Sharing the organisational vision, Founder & CEO, Inderveer Singh said, "We are working hard to make it easy for vehicle-dependent businesses to leverage clean mobility with purpose-built products. It is our privilege to have a visionary in the EV and mobility industry - Anand Shah guiding us in this journey of ours. His experience with Ola Electric, BMW and Audi will only strengthen our long-term vision to make logistics efficient for our customers and promote clean transportation."

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The funds will be used to build vehicles and deliver initial orders to EVage's customers.

In these last 5 years of R&D, EVage has redefined the way vehicles are built, they have designed EVs like one would look at manufacturing aerospace structures, which is the key differentiator in EVage's approach towards building a 'new-age' automobile company.

First Published Date: 25 Aug 2020, 16:39 PM IST
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