Attron Automotive, a startup that offers motor and controller solutions for electric vehicles (EVs), has raised Rs 4.75 crore in funding, led by Anicut Capital, with participation from Pontaq VC, Venture Catalyst, and Yashovardhan Shah.
With this round of funding, the startup aims to support its core growth objectives, which include developing an assembly line, a prototype facility, expanding the workforce, and investing in research and development for new technologies.
Additionally, it will focus on expanding its team and establishing an assembly line with an initial monthly capacity of 10,000 units to expand that capacity to 70,000 units per month over the following five years.
According to the startup, its research and development (R&D) team will work on developing new technologies to make sure it remains competitive in the market. Additionally, developing a prototyping facility will speed up the adoption of Attron Automotive’s solutions by streamlining the production of samples for customers and reducing lead times.
“We are thrilled to have successfully raised 4.75 crores in this fundraise, which will be instrumental in driving our expansion plans and fuelling our innovation initiatives. The involvement of Anicut Capital as investor and mentor brings valuable expertise, insights, and guidance to Attron Automotive. Their support will help the company navigate challenges, make strategic decisions, and avoid common pitfalls. This assistance has prepared us to provide an exceptional experience to our future customers and undertake significant responsibilities for larger OEM players in the industry,” said Mosam Ugemuge, Founder and CEO, Attron Automotive.
“Additionally, Anicut Capital’s extensive network will introduce us to potential customers, partners, suppliers, and other investors, opening up new opportunities for collaborations and resources. Post fundraise, we have outlined a set of milestones aimed at capturing a significant market share. We aim to acquire 10% market share in the 3 and 4-wheeler load carriers’ market within the next three years, leveraging our proprietary motor and controller E-powertrain solutions. This investment not only validates our potential but also positions us for significant growth and market leadership in the electric vehicle industry,” Mosam said.
“We are excited to back Attron Automotive in their journey towards transforming the electric vehicle industry. Attron Automotive’s young and enthusiastic team, their innovative product, and the vast potential for market penetration is poised to revolutionize the Indian market. With the Niti Ayog’s EV policy aimed at reducing EV dependence on China, Attron’s proposition of an IP driven Made in India electric motor will further give them the required market impetus to excel,” said Ashvin Chadha, Managing Partner, Anicut Capital.
Attron plans to target original equipment manufacturers (OEMs) who want to switch from using Chinese powertrain components to locally manufactured solutions.
Additionally, it will work with manufacturers of batteries, BMSs, DC-DC converters, and VCUs to provide comprehensive EV solutions for product development and retrofitting.
According to Attron Automotive, it developed a proprietary motor topology that delivers motor efficiency of above 97%.
“Our pre-integrated motor controller solutions are suitable for various low voltage and high voltage applications, including automotive, defense, aviation, and agriculture,” the startup said in a statement.