Bengaluru: EVage, an all-electric commercial vehicle startup, has raised $28 million in a seed funding round led by US-based venture capital firm RedBlue Capital. The company said it will use the fund to build a factory outside Delhi, where it will start making its maiden product, Model.X, in the next fiscal year.
Model.X is a one-tonne truck designed for the commercial delivery vehicle market. EVage plans to launch the vehicle in 2022, founder Indraveer Singh told ET. The Mohali-based company said it has developed a vehicle platform that exceeds the quality of comparable options in India and other emerging markets—that too at a lower cost. A vehicle platform is the structure which a vehicle is built on. The same platform is often shared among several models.
