Transportation and logistics focussed EV startup, 3EV Industries has raised $2 Mn in its seed funding round from several family offices.
The Bengaluru-based company plans to utilise the funds for new vehicle build and R&D in order to indigenise and internalise part manufacturing, said a statement.
Peter Voelkner, cofounder of 3EV Industries Pvt Ltd said that the startup’s idea is to align with the “make in India” ambitions.
“We believe there is a huge scope for electric vehicles today in the last mile delivery space which is expanding rapidly with the growth of ecommerce in the tier 1 and tier 2 cities,” said Nitesh Arora, President, Credence Family Office. Credence is a multifamily office, which works as advisors to many family offices in India and overseas.
Founded in 2019 in partnership between RUGGED Solar Products Pvt Ltd and ReBatt Limited of Hong Kong, 3EV Industries aims to leverage the experience of its parent companies to use renewable energy and off-grid power systems to de-bottleneck the last-mile logistics.
The company manufactures vehicles across cargo and passenger segments along with kits to convert conventional vehicles to electric.
The electric vehicles space in India has witnessed greater acceptability and adoption of late with major incumbents in the automobile market rolling out EVs along with a large number of startups having come up in the segment.
On November 9, battery-swapping network startup Battery Smart raised $7 Mn in a Pre Series A round led by Blume Ventures and Orios Ventures.
Earlier this year, EV battery manufacturing and recycling startup Lohum Cleantech had raised $7 Mn in a fresh round of funding led by Baring Private Equity Partners.
With the Indian government being particularly bullish about Electric Vehicle adoption in the country and the extension of the FAME-II subsidy scheme for electric vehicles, startups in the EV segment are witnessing greater interest both from consumers and investors.