Electric commercial vehicle maker EVage Friday said it has raised $28 million from US-based venture capital firm RedBlue Capital.
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. The first of these will be launched later this year. EVage’s first vehicle, the Model .X (point X), is a one-tonne truck designed for the commercial delivery vehicle market. The company said 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.
