Funding Boost for Electric Vehicle Startup Earth Energy EV

By Saur News Bureau/ Updated On Fri, Jul 10th, 2020

Earth Energy EV, an electric vehicle startup has announced that it has raised an undisclosed amount of funding in its latest seed funding round.

Maharashtra-based Earth Energy EV, an Electric Vehicle (EV) startup has announced that it has raised an undisclosed amount of funding in its latest seed funding round. That was led by LR Joshi, Managing Director, Pranada Bio-Pharma along with other private equity investors.

The startup plans on using the funds to facilitate the launch of the 3 vehicle models which they have been developing and perfecting with rigorous on-road trials from the last 2.5 years.

The firm had previously raised investments from private investors and has been a part of the SmartCity Dubai Accelerator Programme in 2018.

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Started in late 2017, Earth Energy has been a forerunner in the Indian Electric Vehicles industry with its multiple OEM offerings, and energy-efficient electric vehicles. The company is involved in the development of electric motorcycles, scooters, commercial vehicles, and autonomous vehicle drivetrains for global consumers.

Rushi Shenghani

Rushi Shenghani, Founder, Earth Energy Electric Vehicle said “It’s remarkable to have the support of our investors as we look to grow the company and disrupt the electric vehicle market. The vehicles we are launching in the market are 96 percent localised and in the true essence marks the ‘Make in India’ initiative put forth by the government. The Investment will be used to hire critical talent, strengthen the sales network, and make the vehicles production-ready via enhanced OEM relations and a strong supply chain.

“The vehicles to be launched in the last quarter of this year will be in the high-speed 2W and commercial vehicles category. We will offer lucrative pricing and buying options to the customers for making the transition to EVs easy and comfortable.”