Mumbai-based mobility startup, Strom Motors (E14 Technologies Pvt Ltd), that manufactures affordable electric car, has secured undisclosed amount in angel funding from Indian Angel Network (IAN).
The round was led by IAN members Neeraj Garg, Sanjay Bhasin and Anirudh Agarwal, who will also be strategic members to the company’s board.
Strom Motors is building an all electric urban commute, which is a fully air-conditioned 2+1 seater three wheeled reverse trike
In April this year, the startup had unveiled Strom R3, its affordable electric car that would cost mere ₹3 lakh and costs 40 paise per km and can be parked in a space no bigger than 2 bikes.
The funds raised by the startup will be be utilized to strengthen its leadership position in the smart mobility market, boosting product sales, accelerating its geographical expansion, along with increasing consumer base across markets. The funds raised will also be used to set up its assembly plant in Mumbai for Strom-R3 which has already received over 100 pre-orders from the Maharashtra region. The funds will also
Founded in 2011 by Pratik Gupta, Jean-Luc Abaziou and Dr Gilmer Blankenship, Strom Motors aims to redefine urban mobility and re-invent Indias personal transportation through its smart electric car.
Talking about the investment, Pratik Gupta, CEO at Strom Motors said, “We are looking forward to leveraging the expertise and in-depth industry knowledge of IAN members to bring significant developments in the company. Sustainable personal mobility solution in India is still in its nascent stages and there is huge opportunity for electric vehicle segment to grow in the coming years.”
He further added, “Our efforts are not only to bring substantial innovation in the EV space, but also solve some of the key challenges faced by the country today such as road congestion and air pollution. The investment will help us to strengthen our roots in India and obtain homologation and begin deliveries of Strom-R3.”
Earlier this year, Strom Motors unveiled its smart electric car StromR3. The startup claims to have already received over 100 pre-orders for its electric car from the Maharashtra region.
Strom Motors has also tied up with what3words, a geo-addressing company based in the UK, to optimize GPS mapping and bring accuracy to navigation in a complex road infrastructure like India.
With the electric mobility space expected to be a multi-billion dollar industry and Indian government pushing towards sustainable solutions, more Indian startups are expected to drive the transition from fossil fuel-propelled vehicles to clean fuel driven vehicles.
According to Start Up team of Invest India, currently there are about 136 startups related to electric vehicles in India.
Earlier this month, Escorts Limited announced it’s unique Automated Farming Solutions with the launch of Automated Concept Tractor touted as India’s 1st Automated, driverless tractor.
In this month only, Japan’s Suzuki Motor Corp, which has “Maruti Suzuki” as its subsidiary in India, announced that its India unit will start road-running tests using a fleet of 50 EV prototype vehicles in India from October this year, in order to develop safe and easy-to-use EVs for Indian customers. Maruti is gearing up to deliver a fleet of electric cars in India by 2020.
Last month, Bengaluru-based electric vehicle (EV) startup, Ultraviolette Automotive Pvt Ltd, which is currently building an electric motorcycle, received an additional investment of ₹6 crore from TVS Motor, which has bought a 14.78 per cent stake in Ultraviolette Automotive, in December 2017.
In May this year, Co-founders of Indian cab hailing firm Ola, Bhavish Aggarwal and Ankit Bhati, have together invested $66,810 in Pune-based EV startup Tork Motorcycles.
In the same month, it was reported that government is considering establishing of a venture capital (VC) fund of ₹500 crore in order to support startups related to electric vehicles (EV) in India
Source – MoneyControl