EVage Ventures Pvt. Ltd, which operates an electric vehicle and mobility-technology startup, has raised funding in a round led by Ola Electric Mobility Pvt. Ltd co-founder and senior adviser Anand Shah.
Other participants in the funding round include ByAir director Varun Pahwa and DMI Group partner Anmol Nayyar, the Chandigarh-based startup said in a statement. It didn’t disclose the amount it raised.
EVage was set up in 2014 by Inderveer Singh. The company says it is developing its first electric delivery van. It will use the capital it has raised to build these vehicles and deliver initial orders to customers.
“We are working hard to make it easy for vehicle-dependent businesses to leverage clean mobility with purpose-built products,” Singh said.
Shah said that India is poised to be a major market for electric vehicles, starting with heavy users who depend on vehicles for their businesses and livelihoods. “EVage has spent several years developing innovations that make it easier to manufacture and deploy commercial electric vehicles,” he added.
The company says that its team comprises experts in fields such as aerospace, automotive design and battery manufacturing, and that it is focussed on addressing the mobility needs and requirements of India’s logistics sector. It currently employs around 30 people at its research and development centre in Mohali, Punjab.
Interest in the EV segment
The investment in EVage represents yet another bet on a company in the electric mobility segment. The segment has received a policy push, too, with the central government having taken steps to attract both companies and end-consumers.
In July last year, finance minister Nirmala Sitharaman said the government would provide an income-tax deduction of Rs 1.5 lakh on the interest paid on loans taken to buy electric vehicles and reduce customs duty on certain parts.
In February, Racenergy Pvt Ltd raised funding from growX Ventures and early-stage investor Prophetic Ventures. The company, set up in 2018, is developing EV powertrains and recharging infrastructure.
In December, affordable electric utility vehicles maker Pi Beam Labs Pvt. Ltd raised around $705,000 in a bridge funding round from state-owned natural gas distribution company GAIL (India) Ltd.
Strategic players have also funded companies operating in this space. Last month, electric scooter maker Ather Energy Pvt. Ltd raised Rs 84 crore ($11.21 million) from existing backer Hero MotoCorp Ltd as an extension of its Series C funding round.