Indian mobility tech startup EVage raises $28 mn from US-based VC firm
Indian all-electric commercial original equipment manufacturer (OEM) EVage on Friday said it has raised $28 million from US-based venture capital firm RedBlue Capital.
Founded in 2014, Evage in India is supplying EV trucks to major delivery fleets such as Amazon India’s Delivery Service Partner.
The seed-round funding will help the mobility tech startup complete its production-ready factory outside of Delhi in FY2022-23 and scale up production, said the startup.
“When we pioneered our highly adaptive and modular multi-vehicle platform in 2014, it was a journey into the unknown. The success of new global OEMs and their impact on electrifying transport in the US and Europe is a testament to what we can do in India and other price-sensitive countries,” said Inderveer Singh, Founder and CEO, EVage.
