Electra EV

Key Highlights:

  • The company builds electric vehicle powertrain systems for a variety of use cases and then supplies them to OEMs for integration into electric vehicles.
  • Electra plans to upgrade its design, testing, and prototyping capabilities and expand its production facilities.
  • Electra plans to use these funds to expand its product offerings in three-wheelers, four-wheelers, agriculture and other allied segments

Electra EV has raised about $25 Mn from GEF Capital’s South Asia Growth Fund II. The startup is owned and promoted by veteran industrialist Ratan Tata.

Electra plans to use these funds to expand its product offerings in three-wheelers, four-wheelers, agriculture and other allied segments to serve original equipment manufacturers (OEMs) and Tier-1 automotive suppliers.

The startup was founded in 2017 by Tata, Electra builds, integrates and supplies EV powertrains systems including battery packs, e-traction systems and integrated electronics, among others, for passenger and commercial EVs.

As part of its services, the startup offers solutions and assistance to automotive OEMs across the country, right from conceptualization and prototyping to after-sales support.

The managing partner at GEF Capital, Sridhar Narayan, said, “There is a significant opportunity for growth in the EV ecosystem, and we believe Electra EV offers a differentiated offering of high-performance, safety, and affordability. It is an honour to be a partner in Electra EV’s next phase of growth.”

The company builds electric vehicle powertrain systems for a variety of use cases and then supplies them to OEMs for integration into electric vehicles. It claims to have designed and manufactured powertrains for Tata Motors’ Tata Xpres-T and Tata Ace EV.

To meet the rising demand for its products, Electra plans to upgrade its design, testing, and prototyping capabilities and expand its production facilities.

“Our fundraiser provides us with both financial resources and a like-minded partner, GEF Capital, to help us attain our vision of transforming the global pollution movement towards cleaner fuels by continuously innovating and acquiring new customers across India and overseas.,” said Samir Yajnik, executive director of Electra.

Growing demand for electric vehicles in the country coincides with the development. Several startups, such as Ola Electric and Ather Energy, have established themselves as key players in the two-wheeler electric vehicle manufacturing space, despite the central and state governments launching various schemes to increase the adoption of electric vehicles in the country, including FAME-I, FAME-II, and PLI schemes.

Furthermore, many startups are setting up EV charging infrastructure in the country, including Exponent Energy, ElectricPe, and CHARGE+ZONE.

Consequently, sales of EVs have been rising in the country. Two-wheeler EV registrations in the country surpassed 75,000 for the fifth consecutive month in October.

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