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HomeInsightFunding Alert Orxa Energies raises funding in Pre-Series A round

[Funding alert] Orxa Energies raises funding in Pre-Series A round

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. 

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.

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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.”

Read also – [Funding alert] Agritech startup Produze raises $2.6 mn in seed round funding

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.

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