EeVe India, an electric two-wheeler company based in Orissa, has announced that it will invest its own funds to grow its manufacturing capacity over the next five years. To support its production growth goals, the company hopes to raise $10-12 million from internal accruals.
EeVe India to raise $10-12 million
“The goal is to run our present capacity at full capacity, which will produce enough cash flow to help power the next phase of expansion,” said Harsh Vardhan Didwania, co-founder and director of EeVe India. We will go to the financial markets if necessary, but for the time being, we are sure that we will be able to achieve this requirement using our internal resources. To improve capacity, we’d need $10-12 million.”
There will be 4 new electric scooters from the startup on the Indian market next month. 4U, Xeniaa, Wind, and Your are the four new electric scooters that will be released in the near future.
EeVe electric scooter launch in India
On December 14, EeVe released its high-speed electric scooter, which will have a swappable battery and a range of 120-130 kilometers and a top speed of 55-60 kilometers per hour.
ElectricPe, an electric vehicle charging network, earned $3 million in a seed round last month to further build its technology platform. It intends to use the funding to expand its technology platform in order to make charging stations more accessible through the ElectricPe App.
Blume Ventures and Micelio Fund led the $3 million (Rs 225 crore) funding round. Anshuman Bapna (Terra. do), Anupam Mittal (Shaadi.com), Arjun Ravi Sheth (partner at Anchorage Capital Partners), Ashish Goel (Urban Ladder), Bhuvan Gupta (OfBusiness), Jasminder Singh (Now floats), Khadim Batti & Vara Kumar (Whatfix), Mukul Rustagi (Class plus) were among the angel investors who participated in the funding.
Rivian Automotive Inc., an Amazon-backed electric vehicle manufacturer, raised $11.9 billion in its initial public offering (IPO) at $78 per share, making it the year’s largest first-time share sale.