US-based venture capital firm RedBlue Capital has invested USD 28 million in EVage – an electric commercial vehicle OEM in India. This is among the largest seed rounds for any Indian start-ups in electric mobility space. The funds will be used by EVage to complete its factory near Chandigarh in FY 2022-23 and scale up production.
EVage’s first vehicle, the Model .X (point X), is a one-tonne truck designed for the commercial delivery vehicle market. The Model .X was designed in close coordination with early fleet customers including Amazon India’s Delivery Service Partner, to which EVage is a supplier, said a company statement.
InderveerSingh, Founder & CEO, EVage said, “We welcome RedBlue Capital in our mission to supercharge EV adoption in India. 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 & Europe is a testament to what we can do in India and other price-sensitive countries.”
EVage has developed a platform for industry-ready EVs that aim to deliver signifiacnt total cost of ownership (TCO) savings to its customers. Currently, the start-up employs around 50 people from aeronautics and automobile backgrounds at its R&D and Robotics center in Mohali, India. The company said to be actively hiring from the automotive & aerospace companies in India and globally.
The company says that its design and manufacturing methodologies leverage nearly a decade of proprietary hardware, software and process innovations. EVage will manufacture vehicles in ‘Modular Micro Manufacturing’ factories with smaller footprints and less capital requirements than traditional automotive OEMs.
Also Read : More about India’s first electric LCV by EVage
RedBlue Capital is an early stage venture capital firm backing global start-ups in transportation, logistics and energy-transition sectors. Co-founders Olaf Sakkers and Prescott Watson previously led investing at Maniv Mobility where they were significant investors in mobility companies like Zoomo, Revel, Phantom Auto, Cognata, Autofleet etc.
“EVage’s vehicle platform and fabrication approach is something totally new and much needed to accelerate electrification in low cost markets. The founders took a completely clean-sheet approach to get a truck that meets the needs of delivery fleets across India at a cost basis that beats internal combustion,” said Prescott Watson, General Partner at RedBlue Capital. “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.”
“India is a market with booming EV demand especially in the commercial vehicle segment, but there is a severe supply shortage. EVage fills this exact gap. We’re excited to be partnering with them through our India Green Growth fund.” added Olaf Sakkers, General Partner at RedBlue Capital.
Both partners Prescott and Olaf will join the board of EVage.
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