Electra EV raises over Rs 200 crore from GEF Capital Partners’ South Asia Growth Fund II | The Financial Express

Electra EV raises over Rs 200 crore from GEF Capital Partners’ South Asia Growth Fund II

The Company plans to further enhance its design, testing and prototyping capabilities and expand the production capacity to support growing volumes using the fund raised.

Electra EV raises over Rs 200 crore from GEF Capital Partners’ South Asia Growth Fund II

Electra EV, an EV powertrain solutions company, has raised about $25 million (around Rs 207 crore) from GEF Capital’s South Asia Growth Fund II for a minority stake. 

The Company plans to further enhance its design, testing and prototyping capabilities and expand the production capacity to support growing volumes using the fund raised.

Samir Yajnik, Executive Director, said “This fund raise provides us with both financial wherewithal and a like-minded partner like GEF Capital to help us continuously innovate, acquire new customers in India and overseas, thereby achieving our vision of transforming the global movement towards cleaner fuels.” 

GEF Capital’s Managing Partner Sridhar Narayan said, “The EV ecosystem is currently at a pivotal stage, and we believe Electra EV’s differentiated proposition of high-end performance, safety and affordability provides a strong growth opportunity. We are excited to partner with Electra EV in its next phase of growth and development.”

Electra EV designs and develops, integrates, manufactures, and supplies EV powertrains systems across passenger and commercial vehicle segments. Its offerings are focused on addressing end-to-end powertrain solutions – supplying full systems including battery packs, e-traction systems and integrated electronics, sub-systems, and components across multiple segments like two and three wheelers, four wheelers and EV applications in agriculture and off-highway segments. 

Through its R&D facility situated in Pune and manufacturing facility based out of Coimbatore, Electra EV provides end-to-end solution and support to automotive OEMs, from conceptualisation, through design & development (D&D) stage, prototyping, homologation, powertrains production and after sales support so far across India.

The powertrains for several leading passenger and commercial electric vehicles including Tata Xpres-T (fleet) and Tata Ace EV have been designed and manufactured by Electra EV.  The company has seen rapid growth since inception. 

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First published on: 04-11-2022 at 12:31 IST