Mobility startup Tsuyo Manufacturing raises $4.5 million in round

Tsuyo Manufacturing, a mobility startup has raised $4.5 million in a frresh funding round led by early-stage investment firm Avaana Capital.

The company plans to use the funds to build a new manufacturing plant, set up an R&D centre, and expand its exports and partnerships with automakers in Southeast Asia, Japan, Korea, and Europe.

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“EV is a relatively new domain, and the industry has only recently evolved. In fact, (only) over the last four to five years, people have started taking it seriously. Government incentives, schemes, and policies are also being introduced in a big way,” founder and chief executive Vijay Kumar said.

“In terms of production capacity as well, compared to when we started, the annual production we achieved last year was almost seven to eight times higher,” he added.

Vikas Verma, venture partner at Avaana Capital, said, “Their vertically integrated powertrain, critical for electrification across automotive and industrial applications, exemplifies indigenous, scalable innovation that will define India’s role in building globally resilient supply chains and reducing reliance on rare earth mineral-based technologies.”

About Tsuyo Manufacturing

Founded in 2020 by Vijay Kumar, the New Delhi-based Tsuyo Manufacturing designs and produces core systems for electric vehicles (EVs), including motors and controllers used in three- and four-wheelers, trucks, buses, and off-road vehicles like mining trucks, forklifts, and electric tractors. The company supplies these components to automakers such as Mahindra, Volvo, Eicher, and Sonalika.

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It currently operates two facilities in Greater Noida. Currently, India accounts for 95% of its revenue.

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