Electric Trucks For India : Evage raises $28 Million!

Updated On: 21 January 2022 Sutanu Guha

Mobility Tech startup, EVage has raised $28-million from a US-based venture capital firm, RedBlue Capital. They will also supply their Electric trucks to Amazon.

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.

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“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.

Electric trucks

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.

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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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