EV Startup Etrio raises $3 Mn in Series A to Launch New Product Lines
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Etrio, manufacturer of certified retrofitted electric light commercial vehicles, on Tuesday announced that it has raised USD 3 million (INR 2 crore) in series A funding round.
A clutch of high net worth individual (HNI) investors from Singapore made the investment, led by Janardhan Rao, international commodity trading house founder of Triumph Global Group.
The company said it will deploy the funds to fuel the company’s foray into new electric vehicles in three wheelers and bicycle product lines. The funds will also be used for customer acquisition across both B2B and consumer segments.
“With this funding, we will strengthen our product portfolio to target B2B logistics platforms for growth with diverse product offerings and more geographical presence. We aim to enter the highly-dense 3-wheeler EV market starting with the cargo segment aimed at e-commerce logistics space and then subsequently set up its channel network for driving both passenger and cargo 3-wheeler sales across major states in the North and South India. Our focus now is to deliver customer delight through the introduction of new product variants, superior after-sales service, data-driven approach and customer-centric culture,” said Deepak MV, co-founder and CEO, Etrio.
The company has a dedicated vehicle manufacturing and assembly set-up spread across 20,000 sq ft at Hyderabad and is in the process of achieving 100 per cent localisation of the supply chain by the end of financial year 2021.
“With over a year of extensive work, we finally make our big transition from retrofitment to creation of new electric vehicles. We will continue to evolve as an EV OEM bringing reliable products based on superior vehicle architecture, efficient system integration, robust design, and connected systems to drive mass adoption of EVs in India,” said Deepak.
This latest investment constitutes the first part of fundraising for the company, which plans to raise additional funding in early financial year 2022 aimed at investments for R&D for new product development, in-house manufacturing of key electric components and production capacity ramp-up.