RedBlue Capital (a US-based venture capital firm) had invested $28 million in Commercial Electric vehicle maker Evage. This is one of the largest investments for any Indian start-up and will allow EVage to complete it’s
productions-ready factory outside of Delhi in FY 2022-23 and scale up productions.
EVage has developed a platform for industry-ready electric vehicles. The first of these will be launched later this year. EVage’s first vehicle is a one-tonne truck designed for the commercial delivery vehicle market. The company said this model was developed in close coordination with early fleet customers, including Amazon India’s Delivery Service Partner, to which EVage is a supplier.
“EVage’s vehicle platform and fabrication approach is something totally new and mush needed to accelerate electrification in low-cost markets. The founder took a clean-sheet approach to develop a truck that meets the needs of delivery fleets across India at a cost basis that beats internal combustion.” Said Prescott Watson, General Partner at RedBlue Capital.
The company is aggressively hiring from the top automotive and aerospace companies in India and globally who understand the value of electrifying the world’s transportation, especially in emerging markets. Said Inderveer Singh, Founder & CEO, EVage.