Bengaluru electric 2W leasing platform raises angel funding

A Bengaluru based electric two-wheeler lifecycle management company, Welectric has raised an undisclosed amount in angel funding from several investors.

The company aims to make the ownership of electric two-wheelers convenient and hassle-free. The lease rental offer deals with the maintenance and interim vehicle replacement. The company also deals with after-sales maintenance and insurance costs.

Bengaluru electric 2W leasing

Vikas Jain, CEO, and founder Welectric, said, “The transition to electric two-wheelers will be one of the biggest trends of the 2020s in India, akin to what happened with smartphones in 2010s. In the next ten years, electric two-wheelers will not just replace all new two-wheeler sales but also expand the market due to their lower total cost of ownership, which will further come down in the next few years.”

Zenobe Energy, a leading UK company which provides battery storage solutions and EVs infrastructure has announced that it has secured an investment of £150 million from Infracapital an infrastructure equity investment arm of M&G Plc. The funding will be used for the expansion of its grid-scale battery, electric vehicles and charging infrastructure.

Hyderabad based electric vehicle startup Etrio Automobiles Pvt Ltd has raised Rs 22 crore ($3 million) in a Series A funding round from angel investors led by Janardhan Rao, founder of Triumph Global Group, a Singapore-based international commodity trading house with a consolidated revenue of over $900 million.

Mobility tech electric vehicles startup EVage has also raised an undisclosed amount of funding led by Ola Electric co-founder and senior advisor Anand Shah. EVage is all set to launch it’s first ‘Made in India’ structure, four-wheeler electric delivery van in India.

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