RedBlue Capital leads $28m seed round for EVage, the leading all-electric Indian light commercial vehicle OEM
PR94057
NEW DELHI, January 14, 2022 /PRNewswire=KYODO JBN/ --
- One of India's largest seed rounds
US-based venture capital firm RedBlue Capital has invested USD 28 million
in EVage – the leading all-electric commercial vehicle OEM in India supplying
EV trucks to major delivery fleets such as Amazon India's Delivery Service
Partner. This is among the largest seed rounds for any Indian start-up and will
allow EVage to complete its production-ready factory outside of Delhi in FY
2022-23 and scale up production.
EVage has developed a platform for industry-ready electric vehicles that
exceed the quality of comparable options available in India and other emerging
markets at a far lower cost basis, passing on significant total cost of
ownership (TCO) savings to its customers.
EVage's 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.
EVage's first vehicle, the Model .X (point X), is a one-tonne truck designed
for the commercial delivery vehicle market, and is undergoing a seismic shift
towards electrification. The Model .X was designed and built in close
coordination with early fleet customers including Amazon India's Delivery
Service Partner, to which EVage is a supplier.
"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
will join the board of EVage.
Inderveer Singh, Founder & CEO, EVage, said, "We welcome RedBlue Capital in
our mission to supercharge EV adoption in India, with its consequent social,
environmental and economic benefits. 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."
Inderveer added, "We're aggressively hiring from the top automotive &
aerospace companies in India and globally and are looking for mission-driven
people who understand the value of electrifying the world's transportation,
especially in emerging markets."
About EVage:
EVage has fused automobile designing with the ingenuity of aerospace
engineering to reimagine and transform the mobility industry. This has led the
company to develop breakthrough products like the modular single skateboard for
building multiple vehicle types, a lightweight yet tough exoskeleton covered
with space-grade composite material, ultra-stable batteries with advanced
chemistry, all manufactured in a super-efficient microfactory.
The company currently employs around 50 people from both Aeronautics and
Automobile backgrounds at its R&D and Robotics centre in Mohali, India.
Read more - www.evage.in
About RedBlue Capital:
RedBlue Capital is an early stage venture capital firm backing global startups
in the 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 leaders like Zoomo, Revel,
Phantom Auto, Cognata, Autofleet, among others. Read more at www.red.blue.
Media contact:
Sonali Bagchi
+91-9873242084
sonali.bagchi@evage.in
Photo: https://mma.prnewswire.com/media/1725923/EVage_One_Tonne_Truck.jpg
Source: EVage Ventures Pvt Ltd
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