Hyderabad-based electric vehicle retro fitment kit maker Etrio has raised $3 Mn in Series A funding round from a group of Singapore-based high net worth individuals (HNIs). The round was led by serial investor, Janardhan Rao, founder of Triumph Global Group.
The company plans to use the investment to fuel the growth of new electric vehicles in three-wheelers and bicycle product lines. It will also focus on customer acquisition across both B2B and consumer segments.
The startup has been working on electrification kits for Maruti Suzuki’s Alto and Dzire, but has now turned its attention to the B2B market with its electrification kit for the Tata Ace light commercial vehicle. On August 18, 2020 it launched its first retrofitted electric commercial vehicle eLCV recently.
In a media release shared with Inc42, Etrio said with the funding it aims to leverage their go-to-market strategy, set up sales & service networks across select cities and hire key personnel over the next 6-9 months.
With over a year of extensive work, we finally make our big transition from retrofitment to creation of new electric vehicles. We will continue to evolve as an EV OEM bringing reliable products based on superior vehicle architecture, efficient system integration, robust design and connected systems to drive mass adoption of EVs in India – Deepak MV, co-founder & CEO, Etrio
Etrio was founded by Sathya Yalamanchili and Deepak MV in 2017.
Electric Vehicle Adoption In India
According to Inc42Plus, ‘Electric Vehicle Market Outlook Report 2020,’ electric vehicles are projected to have a market share of 70% and 20% in commercial vehicle and two-wheeler segments by 2030.
The report also revealed that the transactional market size of electric vehicles is expected to be $7.2 Bn in 2026 and 2030 respectively, with 97% of total EV transactions to be in the commercial vehicle segment by 2030.