EV Startup EVage Raises $28 M from RedBlue Capital

EVage, a Chandigarh based four-wheeler electric vehicle, has now secured $28 million in a seed funding round from RedBlue Capital, a US-based Venture Capital firm.

The startup, which was founded in the year 2014, is already supplying EV trucks to Amazon India for its delivery services, which will use this new funding to complete its factory outside of Delhi in the current fiscal to scale up its production.

EVage had earlier secured an undisclosed round of funding in the year 2020 from several individuals connected with the automobile industry.

As per the EVage, its manufacturing and design methodologies make sure that the vehicles are produced on a smaller footprint and the lesser capital requirements. This also enables it to pass on this cost saving to its customers.

EVage first vehicle, the Model .X, is a one-tonne truck designed for the commercial delivery vehicle market.

The strong point about EVage is that it is in the space of the four-wheeler Electric vehicle segment, and there are only lesser startups in this space with the help of its face competition from the traditional and large automobile manufacturers.

Executive Opinion

On the funding received, Inderveer Singh, Founder & CEO, EVage, said, “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 & Europe is a testament to what we can do in India and other price-sensitive countries.”

“EVage’s vehicle platform and fabrication approach is something totally new and much needed to accelerate electrification in low cost markets. The founders took a completely clean-sheet approach to get 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.

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EV Startup EVage Raises $28 M from RedBlue Capital

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