VCCircle

This is probably the first private equity investment in the alternate fuel segment. The Bangalore-based Reva Electric Car Company has received $20 million investment from Draper Fisher Jurveston (DFJ) and Global Environment Fund (GEF), reports DNA.

The company plans to use the funds to expand in the local market. This will include capital expenditure, development of new electric car models and expansion of its domestic as well as global distribution network.

Edelweiss Capital was the financial advisor to Reva.

Reva cars are available in India and also marketed in UK, Italy, Malta, Sri Lanka, Cyprus and Greece. London is said to have some 600 Reva cars on its roads, which is the largest market for Reva. Reva was established in 1994 as a joint venture between the Maini Group and US-based AEV LLC to manufacture environment-friendly and cost-effective electric vehicles. The commercial launch was in June 2001. Reva's chairman is S K Maini.