India | 8th July 2020: Earth Energy EV, an Electric Vehicles Start-up today announced that it has raised an undisclosed amount of funding in its latest Seed Round. The round was led by Mr. LR Joshi, Managing Director, Pranada Bio-Pharma Pvt. Ltd. along with other private equity investors. Earth Energy EV will use 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.
Earth Energy has previously raised investments from Private investors and has been a part of the SmartCity Dubai Accelerator Programme in 2018.
Started in late 2017, Earth Energy has been a forerunner in the Indian Electric Vehicles industry with its multiple OEM Offering, 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.
Commenting on the announcement, Mr. 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 Vehicles market. The Vehicles we are launching in the market are 96% Localized 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 Strong Supply Chain”.
“The Vehicles to be launched in the last quarter of this year will be in the High-Speed 2W & Commercial Vehicles Category. We will offer lucrative pricing & buying options to the customers for making the transition to EVs easy and comfortable”, he further added.
Earth Energy EV has joined the league of Electric Vehicles start-ups in India with an aim to strive for innovation and extend quality offerings in the Domestic & International markets.