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HomeInsightFunding Alert Tirex Transmission raises $2 mn in funding

[Funding alert] Tirex Transmission raises $2 mn in funding

Tirex Transmission
Tirex Transmission

Tirex Transmission Private Limited, a leading EV charger manufacturer company has raised $2 million in a funding round from an ultra HNI investor.

The company plans to use the funds for the company’s growth and R&D efforts for international markets, where the United States is the first country of focus.

Ahmedabad-based Tirex Transmission Private Limited was founded in 2017 by Mr Sanskar Patel, It is one of the pioneer in EV charger industry for DC fast chargers. The startup provides global standard EV chargers (AC & DC chargers) and EV charging management solutions to complement India’s focus on controlling carbon emissions and air pollutants.

The company said that Tyrex needs funds to scale up operations to make best use of the growth curve. So approached GetFive Corporate Advisors LLP, an Ahmedabad-based boutique investment banking and M&A transaction advisory firm, to raise funds.

“It was in 2017, on seeing the direction EV was taking, that we embarked on our journey. Now that we have established ourselves well in the industry, it is time to take the leap. That is why we approached GetFive to help us raise funds. Working with them has been a joyride”, said, Sankar Patel, Founder and MD, Tirex Transmission.

The quick turnaround in the company ensures that it is now on a growth trajectory that is estimated to be at least 6-7 times the topline growth of the previous financial year.

“It was exciting to work with MrSanskar Patel and his team. Given the explosion that the EV segment is experiencing, the value they are creating in the EV charger market is commendable. Sanskar Bhai’s passion and clarity in vision on what he wanted to achieve fuelled our efforts to close the deal in under four months”, said, Shrikant Goyal, Co-Founding Member and Managing Partner at GetFive Corporate Advisors LLP.

About TirexTransmission Pvt. Ltd.

Tirex is India’s largest EV charging network. they are an Original Equipment Manufacturer (OEM) based in Ahmedabad, Gujarat, India. They have a complete range of Fast & slow Electric Vehicle Chargers for Two-wheelers, Three Wheelers, Four Wheelers, Commercial & Passengers Buses, Trucks and more with a wide voltage range from 3.3kw to 360kw and all different connectors. Their Chargers are sleek, fast, and reliable.

Their products are as per Bharat (Government of India) & International Standard Protocols. All products are verified and certified by ARAI (Automotive Research Authority Of India) and CE.                                                                                                                

Their highly educated team of researchers & managers helps us to create a strong business model around their products and services, which maximizes customer value and minimizes the cost.

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