Electric commercial vehicle maker EVage raises $28 million from RedBlue Capital

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Electric commercial vehicle maker EVage Friday said it has raised $28 million from US-based venture capital firm RedBlue Capital.

This is among the largest seed rounds for any Indian start-up and will allow EVage to complete its production-ready factory outside of Delhi in FY 2022-23 and scale up production.

EVage has developed a platform for industry-ready electric vehicles. The first of these will be launched later this year. EVage’s first vehicle, the Model .X (point X), is a one-tonne truck designed for the commercial delivery vehicle market. The company said the Model .X was designed and built in close coordination with early fleet customers including Amazon India’s Delivery Service Partner, to which EVage is a supplier.

“EVage’s vehicle platform and fabrication approach is something totally new and much needed to accelerate electrification in low cost markets. The founders took a completely clean-sheet approach to get a truck that meets the needs of delivery fleets across India at a cost basis that beats internal combustion,” said Prescott Watson, General Partner at RedBlue Capital.

Inderveer Singh, Founder & CEO, EVage said the company is aggressively hiring from the top automotive and aerospace companies in India and globally who understand the value of electrifying the world’s transportation, especially in emerging markets.



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