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Electric 2W start-up Vegh raises USD 5M in pre-series round

EV startup Vegh has recently secured $5 million in a pre-series round of investment. The funding, provided by an undisclosed investor, is part of Vegh’s ongoing $50 million pre-series fundraising round. The company intends to utilize the funds to enhance its working capital, establish a strong sales and distribution network, expand manufacturing capabilities for EV parts, and invest further in research and development. Vegh aims to strengthen its nationwide sales infrastructure, expand production capacity for the Vegh S60 electric scooter series, and introduce two high-speed scooter models in the coming months.

Vegh was founded in 2021 by Sumeet Gupta, Pragya Goyal, Kamalchand Bothra, Ashkaran Bothra, and Namrata Gupta. The company currently operates a state-of-the-art manufacturing facility in Bathinda, Punjab, serving as its research and development centre with an annual production capacity of 60,000 units. However, Vegh has plans to scale up operations threefold to meet growing demand and capitalize on business opportunities, said their official statement.

“We are thrilled to secure this investment in our pre-series round, which reflects the confidence and support we have garnered from our investors. The funds will be instrumental in driving Vegh’s expansion plans, strengthening our sales and service network, and establishing Vegh as a leading EV brand in India,” said Sumeet Gupta, Founder and Managing Director.

We are committed to our Make in India vision and are excited about the future of electric mobility. “In the first phase of its expansion strategy, we aim to penetrate to 12 states with a robust sales and service network,” said Pragya Goyal, Co-Founder and CEO of Vegh.

Also Read: Zypp Electric raises $25M funding in series B round led by Gogoro.

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