Entuple E-mobility to raise 25 Cr for electric powertrain manufacturing plant

Entuple E-mobility is a Bengaluru-based electric vehicle component manufacturer startup. It is planning to raise $3-3.5 Mn (INR 22-25 Cr) of equity capital from various investors. The amount will be spent on the company’s 150,000-unit annual capacity electric powertrain manufacturing plant. The chief executive of Entuple, Rakesh Mishra said that the company is looking to make EV fast chargers by 2021.

Electric powertrain manufacturing plant

He said that the company is already in talks with the more than 30 EV companies, which include large auto manufacturers, startups, systems integrators, and speciality vehicle makers. The EV manufacturers need reliable local suppliers but right now the demand is less and they have to take a risk as a business. “When volumes go up, it would be too late for a startup like us to enter the business as established players would look to enter,” Mishra said.

The new facility located in Bengaluru aims to manufacture five types of hub-mounted motors and controllers for electric two-wheelers. It is also planning to upgrade its existing facility that makes frame-mounted motors, taking the capacity up from about 6,000 powertrains a year to 96,000 units which would be given to electric three- and four-wheeler makers.

Inmotive raises $7.5 million to help in EVs adoption faster

The Toronto based maker of the patent-protected Ingear 2-speed transmission for electric vehicles (EVs) made an announcement that it has closed a $7.5-million Series A round of funding to help the adoption of electric vehicles.

Due to COVID-19, it is very difficult for the cleantech companies to raise capital so this investment will bring some confidence in their team.

“COVID-19 has made it very challenging for cleantech companies to raise capital, so the timing of this investment demonstrates high confidence in our team, technology and strategy,” said Inmotive founder and CEO Paul Bottero. “With this infusion of funds, Inmotive can achieve its 2020 goals of producing Ingear units ready for external testing and engaging with electric vehicle manufacturers globally.”

Hero MotoCorp Chairman & MD invests $1Mn in Ola Electric Mobility

The Hero MotoCorp Chairman and Managing Director (MD), Pawan Munjal invested about $1 million in Ola Electric Mobility through his family trust.

The Pawan Munjal is one of the foremost global corporate leaders and his Family Trust has been allotted a total of 18 preferences shares valuing each at a premium of Rs 39,87,608 and face value of Rs 10. Since a few months, the Ola electric mobility has been fundraising.

It has raised funds from SoftBank and automakers Hyundai and Kia. Ola electric mobility is running its pilot project in Nagpur, Gurugram and Bengaluru. Its competitor Uber is said to be planning to increase its electric fleet all over India.

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