Attron Automotive Raises INR 4.75 Crore Funding The company plans to use the funds to support its key growth initiatives, including the setup of an assembly line, establishment of a prototyping facility, team expansion, and research and development efforts to drive innovation in existing and new technologies
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Attron Automotive, a provider of innovative motor and controller solutions for electric vehicles, has raised INR 4.75 crore in its maiden funding round led by Anicut Capital. The round also saw participation from Pontaq VC, Venture Catalyst and Yashovardhan Shah. The company plans to use the funds to support its key growth initiatives, including the setup of an assembly line, establishment of a prototyping facility, team expansion, and research and development efforts to drive innovation in existing and new technologies.
"The involvement of Anicut Capital as investor and mentor brings valuable expertise, insights, and guidance to Attron Automotive. Their support will help the company navigate challenges, make strategic decisions, and avoid common pitfalls. Post fundraise, we have outlined a set of milestones aimed at capturing a significant market share. We aim to acquire 10% market share in the 3 and 4-wheeler load carriers' market within the next three years, leveraging our proprietary motor and controller E-powertrain solutions. This investment not only validates our potential but also positions us for significant growth and market leadership in the electric vehicle industry", said Mosam Ugemuge, founder and CEO, Attron Automotive.
Founded by Mosam Ugemuge, Shubham Pode, Chander Udhay Singh and Mohit Borkar, Attron Automotive's proprietary technology delivers motor efficiency and pre-integrated solutions for various applications, including automotive, defence, aviation, and agriculture. According to Attron Automotive, it has already completed field testing of its system with multiple OEMs and is now poised for mass production following the setup of its assembly line.
"We are excited to back Attron Automotive in their journey towards transforming the electric vehicle industry. Attron Automotive's young and enthusiastic team, their innovative product, and the vast potential for market penetration is poised to revolutionise the Indian market. With the Niti Ayog's EV policy aimed at reducing EV dependence on China, Attron's proposition of an IP driven Made in India electric motor will further give them the required market impetus to excel," said Ashvin Chadha, managing partner, Anicut Capital.
The company plans to target original equipment manufacturers (OEMs) seeking to transition from Chinese powertrain components to domestically manufactured solutions. Furthermore, Attron Automotive aims to collaborate with other EV component OEMs, such as battery, BMS, DC-DC converter, and VCU manufacturers, to offer complete EV solutions for retrofitting and new product development, stated in an official statement.