Start-up EVage boosts $28 million from US-based venture firm RedBlue Capital
Start-up EVage, which is responsible building electric delivery vans for e-commerce and logistics companies including Amazon.com Inc, has raised $28 million from U.S.-based venture capital firm RedBlue Capital, the company said.
The seed money will help EVage complete its factory in northern India and begin delivery of "thousands of vehicles" that are on order, Inderveer Singh, the company`s founder and chief executive told.
Like electric vehicle (EV) makers Rivian in the United States and Arrival in the UK, EVage is betting on a global shift.
In India`s nascent EV market, Amazon aims to have 10,000 EVs for deliveries by 2025 while Walmart Inc`s Flipkart plans to have 25,000 EVs by 2030.
EVage is the first company building an electric van in India from the ground-up.
"Vehicle miles traveled on EVs in India will explode with this shift in the movement of goods, and electrifying this segment is a huge opportunity," Olaf Sakkers, general partner at RedBlue Capital said.
Compared with the West, India and markets like Southeast Asia, Africa, and Latin America have unique demands in terms of the price and capacity of the vehicle, road conditions and weather, said.
"We see EVage as more of a Rivian and Arrival for developing markets," he said.