Noida-based EV as a Service startup TriGo Electric has raised an angel cum strategic funding of INR 40 Lac in Equity and 40 Lac as debt from angel investors Ajinkya Firodia, Managing Director Kinetic Group.
TriGo Electric secured this equity funding deal through their recent participation in ‘Indian Angels’ the world’s first OTT angel investment show, currently being streamed on the JioCinema platform.
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Regarding the inquiry about funding utilization posed by the Angels, Shahnawaz Rao, Founder & CEO, TriGo Electric said, “we will mainly utilize the newly-raised capital to fuel various strategic interventions aimed at growing and expanding our business operations, increase fleet size, strengthening the tech platform and research & development.”
Shahnawaz Rao and Dilshad, the dedicated and visionary founders of TriGo Electric, delivered a compelling startup pitch in front of the distinguished panel of angel investors on the show. Their presentation not only garnered heartfelt appreciation but also elicited constructive feedback from all the angels. By the end of presentation, investment offers were extended by two prominent angels, namely Ajinkya Firodia and Ankit Agrawal, who collaborated in their commitment to support TriGo Electric.
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Subsequently, after thorough negotiations, the founders opted to accept the offer presented by Ajinkya, and successfully closing the deal. This strategic partnership marks a significant milestone for TriGo Electric as they embark on a path of growth and innovation with the support of their esteemed investor.
The Noida-based startup aims to electrify last-mile deliveries in India. It offers electric two-wheeler fleets with riders to ride-sharing companies, and e-commerce, food, grocery and pharma delivery companies such as BigBasket, JioMart, Tata 1mg, Zepto and Zomato.
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The genesis of TriGo Electric traces back to its inception within the nurturing ecosystem of the IIM Lucknow Enterprise Incubation Center, evolving from the forefront of eco-friendly innovation.
Speaking about the fundraising, Shahnawaz Rao, Founder of TriGo Electric, said, “I am thrilled to get the backing by renowned name in automobile, whose investments in TriGo Electric not just validate the huge promise and potential of our business idea, make a meaningful impact. His support goes beyond Funds; it is a vote of confidence that inspires us to strive for excellence. As we continue to drive innovation and contribute to a greener and more sustainable future.
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Beyond the funding support, the immense experience and knowledge of the Angels will help us to learn valuable entrepreneurial lessons, grow, and be able to scale the brand rapidly and efficiently in the upcoming months and years.
Dilshad, Co-Founder and COO of TriGo Electric, expressed, “This new round of investment marks a significant stride toward our mission of emission-free delivery and our commitment to fostering a greener and healthier world.”
“In the process of doing that, TriGo Electric will continue to innovate constantly, to specializes in green mobility technology, aims to promote affordable EV adoption in the near future for better tomorrow,” further added Dilshad.
About TriGo Electric
TriGo Electric is steering the green Revolution in the Indian logistics and mobility Sector With its tech-Enabled EV-as-a-Service platform, with a Mission of Emission-free delivery and to make India carbon-free by using an ecosystem of Electric Vehicles and EV-based technology.
About ‘Indian Angels’
Pune-based Digikore Studios announced the launch of “Indian Angels,” which it claims is the world’s first angel investment show, launched on JioCinema. Unlike Shark Tank India, The show also extends a rare invitation to viewers to become investors themselves.
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The show boasts a panel of angel investors, including Ajinkya Firodia, Managing Director of Kinetic Group; Ankit Agarwal, Founder and CEO of InsuranceDekho; Shreedha Singh, Co-founder of T.A.C – The Ayurveda Co.; Kunal Kishore, Founder and director of Value 360; Rikant Pittie, COO & Co-Founder of EaseMyTrip and Aparna Thygarajan, Co-Founder & Chief Product Officer of Shobitam.
