Earth Energy EV, an electric vehicles startup, has raised an undisclosed amount of funding in its seed round. The round was led by LR Joshi, managing director of Pranada Bio-Pharma along with other private equity investors. Earth Energy EV will use the funds to facilitate the launch of its three vehicle models which it has been developing and perfecting with rigorous on-road trials over the last two-and-a-half years. Earth Energy has previously raised investments from private investors and has been a part of the SmartCity Dubai Accelerator Programme in 2018. Started in late 2017, Earth Energy has been a forerunner in the Indian electric vehicles industry with its multiple OEM offerings and energy efficient electric vehicles. The Mumbai-based startup, which has a production facility in the outskirts of the city, is involved in the development of electric motorcycles, scooters, commercial vehicles and autonomous vehicle drivetrains for global consumers. It is also involved in the development and manufacturing of EV smart chargers.
Rushi Shenghani, founder, Earth Energy Electric Vehicle, said, “The vehicles we are launching in the market are 96% localised and in the true essence marks the ‘Make in India’ initiative put forth by the government. The investment will be used to hire critical talent, strengthen the sales network, and make the vehicles production-ready via enhanced OEM relations and a strong supply chain.” The vehicles to be launched in the last quarter of this year will be in the high-speed two-wheeler and commercial vehicles category. “We will offer lucrative pricing and buying options to the customers for making the transition to EVs easy and comfortable,” he further added.
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