Startup Earth Energy has announced that it has raised seed funding, led by LR Joshi, MD or Pranada Bio-Pharma Pvt Ltd. However, the EV startup has not disclosed the amount of the funding, it has received.
The company in a statement said that the amount will be used to facilitate the launch of three electric vehicles, which are currently under the on-road trial phase for the last 2.5 years.
The firm claims that it has previously raised investments from private investors and has been a part of the SmartCity Dubai Accelerator Programme in 2018.
“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,” said Rushi Shenghani, Founder, Earth Energy Electric Vehicle.
He added “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.”