Ola Electric Co-founder Anand Shah Invests in EV startup Evage Evage, which was bootstrapped so far, said it will use the fresh funds to deliver initial orders to its clients and build more vehicles
By Shipra Singh •
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Mobility tech startup Evage on Tuesday said it has raised an undisclosed amount of funding led by Ola Electric co-founder and senior advisor Anand Shah.
Bryair director Varun Pahwa and DMI group partner Anmol Nayyar also participated in the funding round.
Conceptualized in 2014, followed by five years of research and development (R&D) and building over 20 patents, Evage aims to electrify India's logistics sector through their indigenously designed, and emissions-free electric commercial vehicles.
"We are working hard to make it easy for vehicle-dependent businesses to leverage clean mobility with purpose-built products," said Inderveer Singh, founder and CEO, Evage.
The Chandigarh-headquartered company is set to launch its first four-wheeler electric delivery van built on "Made in India' structure, in line with the Prime Minister Narendra Modi's Atma Nirbhar (Self-Reliance) Program.
Commenting on his bet on Evage, Shah of Ola Electric said "EVage has spent several years developing innovations that make it easier to manufacture and deploy commercial electric vehicles. I am excited to support their capable team as they bring transformative new vehicles to the logistics market."
"It is our privilege to have a visionary in the EV and mobility industry - Anand Shah guiding us in this journey of ours. His experience with Ola Electric, BMW and Audi will only strengthen our long-term vision to make logistics efficient for our customers and promote clean transportation," said Singh.
EVage's team of experts from aerospace, automotive design and battery manufacturing industries are focused on addressing the mobility needs of India's rapidly growing logistics and e-commerce segments, said the company in a statement.
"In these last 5 years of R&D, EVage has redefined the way vehicles are built. We have designed EVs like one would look at manufacturing aerospace structures, which is the key differentiator in EVage's approach towards building a 'new-age' automobile company."
With the fresh funding, the company aims to deliver initial orders to its customers and build vehicles. The company claims to be serving some of world's top FMCG, retail, e-com and logistics companies as their clients.
