EV startup Orxa Energies has raised an undisclosed amount in Pre-Series A funding round from SAR Group’s electric mobility arm Lectrix E-Vehicles.
Through the funding, the startup is also getting into a strategic collaboration with Lectrix E-Vehicles.
The startup plans to use the funds to bring several performance EV products to market over the next three to four months and set up its new manufacturing unit on the outskirts of Bengaluru.
Through the collaboration, the startup hopes to boost manufacturing readiness for commercial production of its flagship all-electric high-performance motorcycle- the Mantis.
The EV maker said its manufacturing capacity will be enough to accommodate mass production of the Mantis, which is expected to be open for pre-orders within the next 9-12 months.
The Bengaluru-based Orxa Energies was founded in 2017 by Dr. Prajwal Sabnis and Ranjita Ravi, it is a high-performance EV and energy systems startup. It aims to rapidly electrify all transportation and is working towards achieving this goal through its full electric performance vehicles and performance battery packs.
“With access to Lectrix’s experience and network, we will be able to accelerate our launch and go to market,” said Dr. Prajwal Sabnis, cofounder of Orxa Energies.
The startup claims to have been generating revenue since 2018 and growing 6x year-on-year (YoY) from its B2B business.
Apart from focusing on products, the startup plans to increase its team size by about five times in the coming months.
“Over the last few years, Orxa has created a well-architected and full-stack solution for EVs and this is closely aligned with our vision at Lectrix EV,” said K Vijaya Kumar, managing director and CEO, Lectrix EV. “[We] look forward to working with Orxa on multiple early-stage EV technologies.”
Earlier, Orxa Energies had raised three rounds of external funding.
About Orxa Energies
Orxa Energies is a high-performance electric vehicle and energy systems startup. Based out of Bangalore, India's de-facto EV innovation hub, Orxa has raised rounds of external funding, has exponentially-growing revenues since 2018, and is accelerated by Airbus Bizlabs.
Orxa Energies wants to rapidly electrify all transport. Orxa does this through their fully-electric performance vehicles and their performance battery packs. Orxa is capital-efficient, works through first principles and builds "design with function" in all their products.
Orxa's Vehicles : The Mantis is India’s first fully-electric Naked Sports Motorcycle. Built to enter the early-performance segment, it is a "no-compromise" and "seamless" alternative to ICE motorcycles. It is in late development, targeting commercial launch in 2020-2021. It was unveiled at India Bike Week’19, Asia’s biggest motorcycle event in front of 20k+ visitors & with extensive press coverage.
All of Orxa's vehicles are completely designed and developed in-house by the Orxa team.
Weekly Startup Funding News Report For 25 October - 29 October 2024 (Latest Updates)
Weekly Funding Roundup - We compile a Weekly Startups Funding News Report summarizing all the startups that secured funding during the week. This report provides a consolidated list of newly funded ventures daywise.
Weekly Funding Roundup - We compile a weekly startups funding news report summarizing all the startups that secured funding during the week. This report provides a consolidated list of these newly funded ventures day-wise, offering a concise overview of the latest developments in the startup funding landscape. Get allIndian statups news at Viestoires.
Weekly Startups Funding News [25 October 2024 - 29 October 2024]
Althion Funding News - Althion has Secured Rs 3.6 crore in Pre-Series A Round Funding
Trisu Funding News - A pre-seed funding round, which was co-led by All In Capital, has secured an undisclosed quantity of investment for the vermeil jewelry brand Trisu.
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Dharaksha Ecosolutions Funding News - Dharaksha Ecosolutions, a biotech-driven R&D start-up, has secured Rs 24.8 crore (approximately $2.95 million) in a Seed funding round sponsored by Avaana Capital.
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11 September 2024 - Funding News
Zivy Funding News - Zivy, an AI tool that prioritizes workplace messages and duties, has secured $1.2 million in a pre-seed funding round co-led by Blume Ventures, Paradigm Shift Capital, iSeed, Everywhere Ventures, Indian Silicon Valley, and Marsshot Ventures.
Mitra Funding News - A strategic family office based in Dubai and Bestvantage Investments led the Pre-Series A fundraising round for D2C FMCG firm Mitra, which raised INR 11 Cr ($1.3 Mn).
InMobi Funding News - MARS Growth Capital, a joint venture between MUFG and Liquidity Group, has provided $100 million in debt financing to InMobi, a provider of mobile advertising network software.
Track3D Funding News - Track3D, an AI reality intelligence platform for the construction industry, announced that it had secured $4.3 million in seed funding. The funding was led by Endiya Partners, with participation from Shadow Ventures and Monta Vista Capital.
Flexiloans Funding News - In an equity funding round led by American not-for-profit fund Accion, US asset management firm Nuveen, and Nandan Nilekani-backed venture fund Fundamentum, Mumbai-based digital lending startup Flexiloans has secured Rs 290 crore (approximately $35 million).
10 September 2024 - Funding News
Crackle Technologies Funding News - Crackle Technologies, an adtech startup, has secured $1.7 million (approximately INR 14 crore) in a pre-seed funding round that was jointly headed by We Founder Circle and AC Ventures.
Nestasia Funding News - Nestasia, a lifestyle and home décor brand, secured $8.35 million in a new funding round from Susquehanna Asia VC, Stellaris Venture Partners, and angel investors.
Supersquad Funding News - Supersquad, a startup that specializes in creator monetization, has secured Rs 2.1 crore in a funding round that was spearheaded by WLDD. Nitin Rajput and Jivraj Singh Sachar, angel investors, also contributed to the round.
AppsForBharat Funding News - AppsForBharat, the parent company of the devotional app Sri Mandir, has secured $17.8 million in its Series B funding round, which was led by Fundamentum.
Arnya Real Estate Funding News - Arnya Realestates Fund Advisors, an alternative investment management firm, has successfully closed the first close of its Rs 1,000-crore maiden debt fund, raising Rs 375 crore.
9 September 2024 - Funding News
Transcell Biologics Funding News - Quantiphi and IAN Group, both of Boston, have invested an undisclosed sum in Transcell Biologics, a biotechnology company.
2 September 2024 Monday - Latest Funding News in India
Mintifi Funding News- Mintifi a B2B digital lending startup, is reportedly in discussions to secure $100 million in a new funding round.
Clean Electric Funding News - Clean Electric, an energy storage solutions startup, has secured Rs 48.5 crore (approximately $6 million) in funding from both new and existing investors.
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