Summary:
Electric Vehicles startup Earth Energy EV has raised an undisclosed amount of funding in its seed round. The funding round was led by LR Joshi, Managing Director at Pranada Bio-Pharma Pvt Ltd, along with other equity investors.
According to a statement issued by the startup, Earth Energy EV will be using the freshly raised funds to facilitate the launch of its three vehicle models, which are currently under the on-road trial phase for the last 2.5 years. Two of the products, the company is developing include Kruze and Glyde electric scooters. Funds will also be used to hire critical talent and strengthen its sales network.
Commenting on the latest funding, Rushi Shenghani, Founder, Earth Energy Electric Vehicle, said, "It’s remarkable to have the support of our investors as we look to grow the company and disrupt the electric vehicles market. The vehicles we are launching in the market are 96% localized and in the true essence marks the Make in India initiative put forth by the government. The investment will be used to hire critical talent, strengthen the sales network, and make the vehicles production-ready via enhanced OEM relations and strong supply chain."
"The Vehicles to be launched in the last quarter of this year will be in the High-Speed 2W & Commercial Vehicles Category. We will offer lucrative pricing & buying options to the customers for making the transition to EVs easy and comfortable", he further added.