The South Asia Growth Fund II of GEF Capital has invested around $ 25 million in Electra EV, a provider of powertrain solutions for electric vehicles.
In order to better serve domestic and foreign OEMs and Tier 1 automotive suppliers, Electra EV will use the funds raised to diversify its product line to include electric three-wheelers, electric four-wheelers, agricultural applications, and other EV categories, as per reported by The Economic Times.
Ratan Tata, an industrialist, owns and promotes Electra EV, which was founded in 2017. Across the passenger and commercial vehicle categories, Electra EV designs, develops, integrates, manufactures, and supplies EV powertrain systems.
Samir Yajnik, Executive Director, Electra EV, said “This fund raise provides us with both financial wherewithal and a like-minded partner like GEF Capital to help us continuously innovate, acquire new customers in India and overseas, thereby achieving our vision of transforming the global movement towards cleaner fuels.”
Electra EV can provide comprehensive powertrain solutions for electric vehicles because it has developed its own Battery Management System and Vehicle Control Unit products.
“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”, said Sridhar Narayan, Managing Partner at GEF Capital.
About Electra EV
Leading provider of powertrain solutions for electric vehicles in India, Electrodrive Powertrain Solutions Pvt. Ltd., also known as Electra EV, is committed to advancing the country’s future in electric mobility.
The business supports OEMs, orchestrators, and tier-1 suppliers by providing pertinent and reasonably priced EV powertrain solutions, systems, and services. In order to serve Asian markets with optimised EV powertrain solutions, Electra EV also collaborates with international electric mobility providers.