Electra EV will use the raised capital to expand its product portfolio across product segments.
Electrodrive Powertrain Solution or Electra EV, an electric mobility startup owned and promoted by industrialist Ratan Tata, has raised approximately $25 million in investment from GEF Capital Partners.
Founded in 2017, Electra EV designs and develops, integrates, manufactures and supplies EV powertrains across the passenger and commercial vehicle segments.
Its offerings are end-to-end powertrain solutions – offering a full system including battery pack, traction system and integrated electronics, subsystems and components above segments such as two- and three-wheelers, four-wheelers and EV applications in the agricultural and off-highway segments.
According to a statement on Thursday, Electra EV will use the funds raised to expand its product portfolio across e3 Wheelers, e4 Wheelers, agricultural applications and other EV segments to also serve home domestic and international production.
The company plans to further enhance its design, testing and prototyping capabilities and expand production capacity to support the growing volume, the statement said.
“This funding round provides us with both funding and a like-minded partner like GEF Capital to help us continuously innovate and acquire new customers in India and abroad,” said Mr. Samir. out, thereby achieving our vision of transforming the global movement towards cleaner fuels” Yajnik, CEO at Electra EV.
GEF Capital Partners is a private equity fund management firm that focuses on investing in companies seeking to address the negative impacts of climate change.
“The EV ecosystem is at a pivotal stage right now, and we believe Electra EV’s differentiated offering in terms of premium performance, safety and affordability presents a strong growth opportunity. We’re very excited. excited to partner with Electra EV in the next phase of growth and development,” said GEF Capital Executive Partner Sridhar Narayan in the statement.
Date of first publication: November 4, 2022, 16:59 PM IST