EVage, an Indian-based all-electric, purpose-built commercial vehicle OEM, has received USD 28 million from venture capital firm RedBlue Capital.
EVage, established in 2014, is supplying EV trucks to major delivery fleets such as Amazon India’s Delivery Service Partner. It has merged automobile designing with the ingenuity of aerospace engineering to reimagine and remake the mobility industry.
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 created a platform for industry-ready electric vehicles that surpass the quality of comparable options available in India and other emerging markets at a far lower cost basis, passing on the significant total cost of ownership (TCO) savings to its customers.
EVage said it would manufacture vehicles in ‘Modular Micro Manufacturing’ factories with smaller footprints and fewer capital needs 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 they are aggressively hiring from the top automotive and aerospace companies in India and globally.