Micro venture capital (VC) firm Finvolve, sponsored by India Accelerator, has contributed $1 million to the seed fundraising round for the Indian division of Swedish electric vehicle (EV) manufacturer Clean Motion.
Clean Motion plans to increase the size of its staff and scale up operations in the nation with the help of the fresh proceeds.
Read also – Taisys Invests USD 7.2 Million in ATrack Technology Inc to Boost Automotive Intelligence in India
A portion of the funds will also be used to establish a special manufacturing plant in Pune for the production of the company’s flagship Zbee three-wheeler passenger electric vehicle. An infrastructure for EV charging will also be established in India with the help of the money.
In order to provide mobility solutions, Clean Motion will concentrate on first- and last-mile services, linking important sites like offices, malls, colleges, and metro stations.
Swedish company Clean Motion AB produces electric car parts and automobiles. The electric three-wheeler Zbee, its main product, can travel 50 kilometers on a single charge. Clean Motion AB has now ventured into India with the most recent fundraising.
Ashish Bhatia, co-founder and CEO, Finvolve, said: “It is our strategic investment in the EV space, and we are confident that India’s favorable manufacturing environment will provide an impetus for growth to Clean India, bringing about a significant shift in the global EV market”.
About Clean Motion
Founded in 2010 by Sofia Haby, Clean Motion was founded in 2010 in Lerum, Clean Motion believes that the future of mobility is in a transportation solution that’s actually suited for our daily use, with a vehicle somewhere between a conventional car and a scooter.
Want to go deeper into the world of startups and entrepreneurship? Check out these categories on VIESTORIES:
Startup Success Stories: Discover inspiring tales of startups overcoming challenges and achieving success.
Funding Startup News: Stay updated with the latest news and trends in startup funding and investment.
Startup Insights: Dive into in-depth analyses of various industries and market trends to make informed business decisions.
