Electric vehicle technology start-up Cell Propulsion has raised $2 million, comprising debt and equity, in a growth round from existing investors. Endiya Partners, growX Ventures, Huddle Accelerator and Micelio were the key investors in this round.
Founded by Nakul Kukar, Paras Kaushal and Supratim Naskar, the Bengaluru-based Cell Propulsion builds and deploys electric commercial vehicles (eLCVs and eHCVs) as part of its integrated solution. Around September 2020, the company had raised about $1 million as part of its pre-series A round.
Co-founder & CEO Nakul Kukar said, “We are delighted to have continued interest and support from our key investors. With the funds raised last year as part of our pre-Series A round, we successfully completed the certification of battery packs and eLCVs, besides commissioning pilot assembly lines for the battery packs and the eLCVs. The current round has been done to meet growing demand for our solutions, expand our operations, and successfully execute our go-to-market strategy.”
A statement from Cell Propulsion said the funding comes at a time when the company is deploying eLCVs to various logistics companies for last- and middle-mile movement of cargo, while setting up its first charging station and service centre in Bengaluru. The funds will also be used for development of the integrated eco-system to accelerate the adoption of eCVs.
The company will also enable the upgrade of eBus powertrain technology for eTrucks / eHCVs. This technology was developed as part of the project with BMTC, making Cell Propulsion one of the few start-ups in the country that is developing high power, high payload electric CVs and associated solutions, it said.
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