Electrodrive Powertrain Solution, or Electra EV, has raised about USD 25 million in investment from GEF Capital Partners. In 2017, Ratan Tata, an industrialist, owned and promoted the electric mobility startup.
Electra EV designs and develops EV powertrain systems for both passenger and commercial vehicle segments and integrates, manufactures, and supplies them.
Its offerings include end-to-end powertrain solutions, supplying complete systems with battery packs, e-traction systems, integrated electronics, sub-systems, and components for various vehicle types, including two- and three-wheelers, four-wheelers, and EV applications for agriculture and off-highway segments.
In a statement released by the company, Electra EV stated that it would utilize the funds raised to expand its product portfolio to include e3 Wheelers, e4 Wheelers, agricultural applications, and other EV segments to serve both domestic and international manufacturers.
According to the statement, the company also intends to expand production capacity to accommodate rising quantities and further develop its design, testing, and prototyping capabilities.
“This fund raise provides us with both financial wherewithal and a like-minded partner like GEF Capital to help us continuously innovate, and acquire new customers in India and overseas, thereby achieving our vision of transforming the global movement towards cleaner fuels,” said Samir Yajnik, Executive Director at Electra EV.
GEF Capital Partners is a manager of private equity funds that invests in companies that try to address the negative impacts of climate change.
“The EV ecosystem is currently at a pivotal stage, and we believe Electra EV’s differentiated proposition of high-end performance, safety, and affordability provides a strong growth opportunity. We are excited to partner with Electra EV in its next phase of growth and development,” GEF Capital’s Managing Partner Sridhar Narayan said in the statement.
