EVage raises $28 Million in a Seed Funding Round

An all-electric commercial vehicle startup, EVage has raised $28 million in a seed funding round led by RedBlue Capital. The company is planning to use the funds for establishing a factory outside Delhi, where it will start the production of its maiden product, Model.X in the next financial year.

Model.X is a one-tonne truck that is designed for the commercial delivery vehicle market. The company has plans to launch this model in 2022. EVage claims to have developed a vehicle platform exceeding the comparable options in India at a lower cost. The company started operating in 2014 and has been developing, testing and validating its product ever since.

The founder Indraveer Singh has said that the vehicles have been ready since 2019 and five units of the vehicle are already on the road for more than 50,000 kilometres. The company is also planning to use the ‘modular micro manufacturing’ factories for production that has lower capital requirements than traditional vehicle manufacturers.