Electric Mobility Startup Cell Propulsion Raises $2 Mn
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Bengaluru-based mobility and electric vehicle technology startup Cell Propulsion on Thursday announced to have raised funding of $2 million (debt and equity) in a growth round from existing investors. Endiya Partners, growX Ventures, Huddle Accelerator and Micelio were the key investors in this round.
Founded by Nakul Kukar, Paras Kaushal, and Supratim Naskar, Cell Propulsion builds and deploys electric commercial vehicles (eLCVs and eHCVs) as part of their integrated solution. Around September 2020, the company also raised about $1 million as part of its pre-Series A round. This brings the total funds raised by the startup to the tune of around $4 million.
“We are delighted to have continued interest and support from our key investors. With the funds raised last year, as part of our Pre-Series A round, we successfully completed the certification of battery packs and eLCVs besides commissioning pilot assembly lines for the battery packs and the eLCVs. The current round has been done to meet the growing demand for our solutions, expand our operations, and successfully execute our go-to-market strategy," said Nakul Kukar, co-founder and chief executive officer, Cell Propulsion.
Kukar also mentioned that they plan to continue their work towards transforming the commercial vehicles segment to become connected, electric, and smart.
The funding comes at a time when the company initiated deploying eLCVs with various logistics companies for the last and middle-mile movement of cargo while setting up its first charging station and service centre in Bengaluru, the company shared.
The funds will also be used for further development of the integrated eco-system to accelerate the adoption of eCVs. In addition to this, the company will also enable the up-gradation of eBus powertrain technology for eTrucks / eHCVs. This technology was developed as part of the project with BMTC, making them one of the only startups in the country that are developing high power, high payload electric CVs and associated solutions.