Get All Access for $5/mo

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

News and Trends

Job Creation at an All Time High After 18 Long Years: PMI

The rate of job creation also reached its highest level in over 18 years, according to a recent business survey.

Making a Change

Invest in a Lifetime of Learning for $100

Skill Success features a wide variety of e-learning courses on business, finance, and more.

Business News

Amazon Is Thinking About Charging Extra for AI Alexa

"Hey Alexa, how much are you going to cost?"

Business News

SoftBank CEO Says AI 10x Smarter Than Humans Could Be Here in a Matter of Years

SoftBank CEO Masayoshi Son spoke to shareholders during the company's general meeting on Friday.

News and Trends

PhonePe in Talks With Major Smartphone Makers for Mobiles to Come With Pre-installed Indus Appstore

PhonePe is in talks with smartphone brands to have their Indus Appstore pre-installed in the mobiles.

Business Ideas

63 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.