Around USD$ 25 million was raised by the startup.
GEF Capital provides powertrain solutions for electric vehicles, and under its South Asia Growth Fund II, has acquired a minority stake in Electra EV.
Electra EV is a startup owned by Ratan Tata, a veteran industrialist. An amount of USD$ 25 million has been raised from GEF capital and these funds are to be used in expanding the product offerings of Electra EV. The startup also plans to further enhance its design, testing, and prototyping, and expand production capabilities to meet the rising demand for three-wheelers, four-wheelers, agriculture and other allied segments.
Sridhar Narayan, managing partner at GEF Capital said, “The EV ecosystem is currently at a pivotal stage and we believe Electra EV’s differentiated proposition of high-end performance, safety and affordability provides a strong growth opportunity. We are excited to partner with Electra EV in its next phase of growth and development.”
Founded in 2017 by Tata, Electra builds, integrates and supplies EV powertrains systems including battery packs, e-traction systems and integrated electronics, among others, for passenger and commercial EVs.
“This fundraiser provides us with both financial wherewithal and a like-minded partner like GEF Capital to help us continuously innovate, and acquire new customers in India and overseas, thereby achieving our vision of transforming the global movement towards cleaner fuels,” added Samir Yajnik, executive director of Electra.
