June 23, 2024

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EeVe India to raise $10-12 million to expand manufacturing capacity

Eeve India to raise $10-12 million

EeVe India to raise $10-12 million to expand manufacturing capacity

EeVe India an Orissa-based electric two-wheeler manufacturer has announced that it will invest its own funds to expand the manufacturing capacity in 5 years. The company aims to raise $10-12 million from its internal accruals to fund its manufacturing expansion plans.

EeVe India to raise $10-12 million

Harsh Vardhan Didwania, co-founder and director, EeVe India, said, “The target is to run our existing capacity at the full level which will generate enough cash flow to help power the next phase of expansion. Whenever required we will go to the financial markets but as of now, we are confident that we will be able to meet this requirement through our internal resources. We would need $10-12 million to increase the capacity.”

In 2019, the startup has introduced 4 new electric scooters in the Indian market next month. The four new upcoming electric scooters are 4U, Xeniaa, Wind and Your.

Eeve upcoming electric scooter launch in India 

The EeVe is going to launch its high-speed electric scooter on December 14 which features a swappable battery technology and provides a range of 120-130 km with a top speed of 55-60km per hour.

Last month, ElectricPe an electric vehicle charging platform has raised 3 million dollars in a seed round to develop further its technology platform. It is planning to use the funds to further expansion of its technology platform to make more easy convenient access to charging stations through the ElectricPe App.

The $3 million (Rs 225 crore) funding is led by Blume Ventures and Micelio Fund. Along with that the other group of angel investors such as 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), also participated the funding.

Amazon-backed electric vehicle maker Rivian Automotive Inc. sold shares in its initial public offering (IPO) at $78 per share to raise about $11.9 billion which is the biggest first-time share sale this year.

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