EVage is India’s leading all-electric, purpose-built commercial vehicle OEM that was established in 2014. They claim that they have fused automobile engineering with the ingenuity of aerospace engineering. The Chandigarh-based company recently procured funds worth $28 million from US-based venture capital RedBlue Capital.
The seed-round funding will help the mobility tech startup to complete its production-ready factory outside Delhi, which will be finished by FY 2023. The company is already supplying electric trucks to major delivery fleets such as Amazon India’s Delivery Service Partner.
“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 and Europe is a testament to what we can do in India and other price-sensitive countries," said Inderveer Singh, Founder, and CEO, EVage.
Their debut vehicle, the Model X is a one-tonne truck that is designed for the commercial vehicle market. The segment itself is undergoing a seismic transformation towards electrification. “The fact that such an innovative product is being used today by major fleet customers makes EVage a clear standout in their field - this is the team that’s actually delivering," said Prescott Watson, General Partner at RedBlue Capital.
The Model X has a very simple design. It is lightweight, but the exoskeleton is covered with space-grade composite materials, and the truck is powered by ultra-stable batteries. The specs are yet to be confirmed since production has not started yet.
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