e-mobility start-up EVage raises funds from Dr Paolo Castagna, Ex MD – Fiat India

EVage, a mobility tech start-up conceptualised in 2014, has manufactured an ‘Exoskeleton Structure’ for EVs to provide a common platform for the launch of SUVs, Vans, Delivery Vehicles and Trucks.

New Delhi, September, 01, 2020: Dr Paolo Castagna, Ex Managing Director, Fiat India Automobiles Pvt Ltd, has invested an undisclosed amount in mobility tech start up EVage. EVage has additionally attracted investments from Prashant Singh, Ex-Paytm VP Product and Ex Founder Shifu (acquired by Paytm).

EVage earlier saw an investment from Anand Shah, Co-Founder and Senior Advisor, Ola Electric in the ongoing Pre Series A round.

According to company statement, the funds for this Pre Series A round are being used to fulfil the existing customer orders. EVAge’s first product to launch will be an electric delivery van. It currently employs around 30 people at its R&D centre in Mohali, India. EVage’s team has spent over 5 years in stealth mode, doing R&D towards simplifying manufacturing EVs. The team took inspiration from aerospace structures and have used bio-friendly materials for their product.

I have been interacting with EVage’s team for a while and I must underline that putting a full-fledged vehicle and creating an exoskeleton structure in only 5 years is no small feat. Electric vehicles need a different kind of mindset and know-how in the manufacturing process: the team of aeronautical engineers at EVage have done incredible work in lightweighting, battery tech and using new age materials. It is the resilient drive of the team, which inspired me to join hands with them and it makes me proud to be advisng them towards leading the EV revolution in India and reduction of C02 emissions.” said Dr Paolo Castagna, Ex Managing Director, Fiat India.

 “Paolo brings with him extensive experience from the global automotive world. His experience as Managing Director, Fiat India Automobiles, serving as a member in the boards of many companies in the automotive and agricultural sectors around the world, and a deep know-how in global Finance and Treasury collected over many years, during which he covered key leadership roles in German financial institutions and investment entities will guide us in making the best decisions to fulfil our customers order in the most efficient manner” said Inderveer Singh, Founder & CEO, Evage.