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Mumbai based electric vehicle start-up, Earth Energy EV, has announced that it has raised seed funding, led by Dr LR Joshi, MD or Pranada Bio-Pharma Pvt Ltd. The brand however has not disclosed the amount of funding received.
Earth Energy EV said that the funds will help the brand launch three electric vehicles, all of which are currently being tested under the on-road phase. The brand has been extensively testing the vehicles over the last two and a half years.
The brand had raised funds from private investors in the past, and has also been part of the UAE's SmartCity Dubai Accelerator Programme during 2018.
Mr Rushi Shenghani, the Founder at 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," he added.
The vehicles that will be launched between October and December this year will be in the High-Speed Two-Wheeler and the Commercial Vehicles segments. The brand will price products competitively, and will offer multiple buying options to customers.
Earth Energy EV was founded in 2017, and has been heavily involved with the Indian Electric Vehicle Industry with its multiple offerings and energy efficient electric vehicles they offer.
The brand has been actively involved in research and development of electric scooters, motorcycles, commercial vehicles, and Autonomous Vehicle drivetrains.
The brand operates under its parent company Grushie Energy Private Limited, is headquartered at Mumbai, and has a production facility on the outskirts of the city.
Thoughts About Earth Energy EV Raising Seed Funding
This is exciting news for the Electric Vehicle Industry. Raising seed funds means that the industry is stable enough to attract investors. While we're looking forward to Earth Energy's high-speed motorcycle, their commercial electric vehicle offering will be the one to look out for.