Bigger auto makers in India may be cutting off funding lines to their overseas subsidiaries but electric vehicle start-ups and allied businesses based within the country are attracting investments.
The electric vehicle maker Euler Motors raised Rs 20 crore as a part of its ongoing Series A funding led by the Inventus Capital India. Euler Motors is focused on launching, a one of its kind a last mile, light city truck powered by batteries. No company is India has commercially launch a battery-powered commercial vehicle.
Bengaluru-based Yulu Bikes, another electric vehicle maker, raised Rs 30 crore in equity funding led by US-based venture capital firm Rocketship and other existing investors. The Bajaj Auto-backed company has developed electric bicycle as well as electric scooter which it gives on rent for the last mile connectivity in large cities.
The promoter of charging infrastructure start-up CHARGE+ZONE, Tecso Charge Zone raised undisclosed capital from Mumbai Angels Network. Tecso Charge Zone is a subsidiary of Tecso Global, a Gujarat-based group.
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This week in Auto: Indian EV startups beat slowdown to raise capital
The COVID-19 pandemic has forced many companies to cut funding in several of its overseas subsidiaries to conserve cash. But at the same time some start-ups in India have carried out a funding round and successfully raised capital the lockdown roadblock notwithstanding.
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