Wednesday, May 31, 2023
English News
  • Hyderabad
  • Telangana
  • Andhra Pradesh
  • India
  • World
  • Entertainment
  • Science and Tech
  • Sport
  • Business
  • ...
    • NRI
    • View Point
    • cartoon
    • Columns
    • Reviews
    • Education Today
    • Property
    • Videos
    • Lifestyle
    • Rewind
E-Paper
  • NRI
  • View Point
  • cartoon
  • Columns
  • Reviews
  • Education Today
  • Property
  • Videos
  • Lifestyle
  • Rewind
Home | Tech | Indian Mobility Tech Startup Evage Raises 28 Million

Indian mobility tech startup EVage raises $28 million

Founded in 2014, Evage in India is supplying EV trucks to major delivery fleets such as Amazon India's Delivery Service Partner.

By IANS
Updated On - 01:09 PM, Fri - 14 January 22
Indian mobility tech startup EVage raises $28 million
whatsapp facebook twitter telegram

New Delhi: Indian all-electric commercial original equipment manufacturer (OEM) EVage on Friday said it has raised $28 million from US-based venture capital firm RedBlue Capital.

Founded in 2014, Evage in India is supplying EV trucks to major delivery fleets such as Amazon India’s Delivery Service Partner.

The seed-round funding will help the mobility tech startup complete its production-ready factory outside of Delhi in FY2022-23 and scale up production, said the startup.

“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 and Europe is a testament to what we can do in India and other price-sensitive countries,” said Inderveer Singh, Founder and CEO, EVage.

EVage has developed a platform for industry-ready electric vehicles that exceed the quality of comparable options available in India and other emerging markets at a far lower cost basis, passing on significant total cost of ownership (TCO) savings to its customers.

EVage said it will manufacture vehicles in ‘Modular Micro Manufacturing’ factories with smaller footprints and less capital requirements than traditional automotive OEMs.

EVage’s first vehicle, the Model .X, is a one-tonne truck designed for the commercial delivery vehicle market, and is undergoing a seismic shift towards electrification.

“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 actually delivering,” said Prescott Watson, General Partner at RedBlue Capital.

Singh said that they are aggressively hiring from the top automotive and aerospace companies in India and globally.

  • Follow Us :
  • Tags
  • Indian mobility

Related News

    Latest News

    • ICT import duty case: Japan urges India to rescind decision of appeal in WTO’s appellate body

      1 min ago
    • Drivers line up for gasoline across Nigeria after new president scraps fuel subsidy

      12 mins ago
    • Punjab: NCERT removes objectionable content from class 12 Political Science book

      22 mins ago
    • Why can’t daughters get justice: Kharge slams Centre over wrestlers issue

      32 mins ago
    • Congress slams BJP over broken statues at Mahakal temple, demands probe

      41 mins ago
    • TSPSC debars 37 candidates for recruitment exams till further orders

      52 mins ago
    • About 40 medical colleges lose recognition for non-compliance with NMC standards

      6 hours ago
    • Number of Rs 500 fake currency notes rose by 14.6 per cent: RBI

      6 hours ago

    company

    • Home
    • About Us
    • Contact Us

    business

    • Subscribe

    telangana today

    • Telangana
    • Hyderabad
    • Latest News
    • Entertainment
    • World
    • Andhra Pradesh
    • Science & Tech
    • Sport

    follow us

    © Copyrights 2022 TELANGANA PUBLICATIONS PVT. LTD. All rights reserved. Powered by Veegam