EV Startup Etrio raises $3 Mn in Series A to Launch New Product Lines A clutch of HNI investors from Singapore made the investment, led by Janardhan Rao, international commodity trading house founder of Triumph Global Group.

By Shipra Singh

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

Pixabay

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.

Shipra Singh

Entrepreneur Staff

Freelance Journalist

Now a freelance journalist, ealier steered the Wealth section on the Entrepreneur website, covering everything finance. Previously a personal finance reporter at The Economic Times and Outlook Money.

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

Related Topics

Leadership

International Security Firm Welcomes Female India Native to an Essential Leadership Position

Yasmin Brar has been appointed as the Operations Strategy Director, a role that underscores the company's commitment to innovation, expansion, and strategic management

Growing a Business

How to Bridge the Gap Between Aspirations and Reality in Business

Bringing a vision to life requires a good dose of self-honesty and a multi-year plan for incremental progress.

Business Ideas

55 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.

Entrepreneurs

The Deeptech Innovator: Aman Singh, Co-Founder & Head of Analytics, Intangles

Their next trigger of growth centres around expanding presence and offerings in the global market

Growing a Business

Lifetime Access to Business Advice with This AI-Powered Service is Just $29.99

With Consultio Pro, you'll find expertise on topics like data analysis, financial analysis, innovation management, and so much more.

Marketing

5 Ways ChatGPT Will Impact Digital Marketing

ChatGPT is creating ripples across the digital landscape right now. Here are five ways it can benefit your ads, campaigns and marketing strategies.