EVage, an Indian all-electric light commercial vehicle OEM, raised $28M in seed funding.
The round was led by RedBlue Capital. In conjunction with the funding, Prescott Watson, General Partner at RedBlue Capital, and Olaf Sakkers, General Partner at RedBlue Capital, will join the board of EVage.
The company intends to use the funds to complete its production-ready factory outside of Delhi in FY 2022-23 and scale up production.
Led by Inderveer Singh, Founder & CEO, EVage is an all-electric commercial vehicle OEM supplying EV trucks to major delivery fleets such as Amazon India’s Delivery Service Partner. The company’s first vehicle, the Model .X (point X), is a one-tonne truck designed for the commercial delivery vehicle market. It was designed and built in close coordination with early fleet customers including Amazon India’s Delivery Service Partner, to which EVage is a supplier.
The company currently employs around 50 people from both Aeronautics and Automobile backgrounds at its R&D and Robotics centre in Mohali, India.
FinSMEs
16/01/2022