Electra EV raises $25 million from GEF Capital Partners

Pure-play EV powertrain company ‘Electrodrive Powertrain Solutions Pvt. Ltd’ (Electra EV) has raised about $25 million from GEF Capital’s South Asia Growth Fund II for a minority stake.

The Pune-based EV firm, which is promoted by Mr Ratan Tata, plans to use the capital to expand the product portfolio across e-3Ws, e-4Ws, agricultural applications, and other EV segments to serve domestic and international OEMs and tier 1 automotive suppliers. They also plan to enhance design, testing and prototyping capabilities further and expand the production capacity to support growing volumes. The company has manufacturing facilities in Coimbatore.

Tata Tigor Extended Range EVs powered by the Electra EV 72 V powertrains have crossed over 100,000 kilometres in the BluSmart fleet. According to Electra EV, more than twenty-five per cent of the total electric four-wheelers on Indian roads in FY20 had an Electra EV powertrain inside them.

Mr Sridhar Narayan, Managing Partner at GEF Capital, said: “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.”

Download: Latest EVreporter monthly magazine on EV ecosystem