Mumbai-based smart urban mobility startup Strom Motors (E14 Technologies Pvt Ltd) has secured angel funding from Indian Angel Network (IAN), one of the leading horizontal seed-stage funding platforms in the country.
The round was led by IAN members Neeraj Garg, Sanjay Bhasin, and Anirudh Agarwal, all of whom will also be strategic members of the Strom Motors’ board.
The investment will help Strom Motors to consolidate its leadership position in the technology-enabled urban mobility industry, improve product sales, accelerate its geographical expansion, and increase its consumer base across markets.
Founded in 2011 by Pratik Gupta, Jean-Luc Abaziou, and Dr Gilmer Blankenship, Strom Motors aims to redefine urban mobility and re-invent India’s personal transportation through its smart electric car.
One of the key focus areas of the startup is to optimise the drive dynamics of the car, in-car tech, and Internet of Things (IoT)-based vehicle diagnostics for condition-based rather than time-based maintenance of vehicles.
Pratik Gupta, founder and CEO, Strom Motors, said, “We are enthralled to be a part of IAN’s funded gamut of startups. We are looking forward to leveraging the expertise and in-depth industry knowledge of IAN members to bring significant developments in the company.”
Strom-S3: The Flagship Product
Earlier this year, the company unveiled Strom-R3, an all-electric urban mobility solution which claims to address the major pain points of the country’s mobility architecture and brings a new approach to safety, sustainability and driving experience.
Strom-R3 is a fully air-conditioned, two-seater reverse trike with a compact design, premium interiors and a high torque electric drive-train that has been designed to be a perfect vehicle for the densely populated cities like Mumbai, Delhi and Bengaluru.
Strom Motors will also be utilising the funds to set up its assembly plant in Mumbai for Strom-R3 which has already received over 100 pre-orders from the Maharashtra region.
“Our efforts are not only to bring substantial innovation in the electric vehicles space, but also solve some of the key challenges faced by the country today such as road congestion and air pollution. The investment will help us to strengthen our roots in India and obtain homologation and begin deliveries of Strom-R3,” Pratik added.
Strom Motors: Investors Take
The lead investors in the StromMotors deal, Neeraj Garg, Sanjay Bhasin and Anirudh Agarwal, believes that this is the time we take the responsibility towards future generations to reduce carbon emissions originating from the excessive use of fossil fuels.
“Adoption of electric vehicles combined with shifting our energy generation portfolio towards renewable sources is the way to go,” they said.
In India, electric vehicles adoption will grow significantly in the next five years. Adoption will depend if car manufacturers are able to offer products that cater to the uniquely Indian set of requirements – road conditions, consumer taste, affordability and commute patterns among others.
The Road Ahead
Strom Motors has recently tied up with what3words, one of the innovative geo-addressing company based out of UK, to optimise GPS mapping and bring accuracy to navigation in a complex road infrastructure such as India.
The startup has also forged strategic partnerships with some of the leading automotive suppliers and experts to streamline manufacturing and ensure faster electric automobile delivery to its customers.
It is estimated that electric vehicles will overtake sales of petrol cars by 2030. As per a data brought out by the Society of Manufacturers of Electric Vehicles (SMEV), electric vehicles sales stood at around 56,000 units in FY 17-18 as against about 25,000 units in 2016-17.
Strom-R3 is designed as an urban mobility solution for city dwellers, and with 60% to 70% passenger cars sold in urban towns and cities, the company expects a high rate of consumer adoption.
At present, BMW i8, Mahindra e-Verito and Mahindra e2O Plus are a few electric car models which have already marked their presence in the Indian market.