Electric Mobility Startup Cell Propulsion Raises $2 Mn The funds will be used for further development of the integrated ecosystem to accelerate the adoption of eCVs

By Prabhjeet Bhatla

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.


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.

Prabhjeet Bhatla

Former Staff

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Related Topics

Business News

Bumble Is Laying Off Over 30% of Workforce as Gen Z Moves Away From Dating Apps

The company revealed its restructuring plans during a Q4 2023 earnings report.

Business News

Oprah Winfrey Announces She's Leaving WeightWatchers' Board, Company Stock Plummets

The news comes just months after Winfrey admitted to using weight loss medication to aid her health journey.

Business News

Amazon's $1 Billion Innovation Fund Is Looking to Invest in a Specific Kind of Startup

The company's Innovation Fund invests in startups that focus on robotics, artificial intelligence, machine learning, and autonomy.


7 Ways to Create a Seamless Marketing Campaign Across All Platforms

Achieving cross-platform harmony requires strategic goal-setting, customized content optimization, and a mix of paid and organic efforts.

Business News

Grads From This Midwestern School Are More Likely to Start a Billion Dollar Company Than Founders Who Went To Stanford, Harvard, or MIT: Study

Some surprising schools outranked Ivy League universities with the likelihood that their grads would found a unicorn.


How to Lead With Positive Energy (Even When Times Get Tough)

This article discusses the significance of embracing positive energy in leadership, especially during challenging times such as economic recessions.