Attron Automotive, a provider of motor and controller solutions for electric vehicles (EVs), has raised ₹4.75 crores, in its first round of funding.
It was led by Anicut Capital and the round saw participation from Pontaq VC, Venture Catalyst, and Yashovardhan Shah.
The funds will be utilised to support key growth initiatives, including setting up an assembly line, establishing a prototyping facility, team expansion and research and development efforts to drive innovation in existing and new technologies, it said.
“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 per cent 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,”said Mosam Ugemuge, Founder and CEO, of Attron Automotive.
The infusion of funds will enable Attron Automotive founded by Mosam Ugemuge, Shubham Pode, Chander Udhay Singh and Mohit Borkar, to make progress towards achieving its goals. The company plans to set up an assembly line with an initial capacity of 10,000 units per month with an aim to expand it to 70,000 units per month within the next five years.
Additionally, Attron Automotive will grow its team, focus on research and development and sales to meet the growing demand for products. The company’s R&D team will also be responsible for developing new technologies, allowing Attron Automotive to maintain a competitive edge in the market, it said.
The company plans to target original equipment manufacturers (OEMs) seeking to transition from Chinese powertrain components to domestically manufactured solutions. Attron Automotive aims to collaborate with other EV component OEMs, such as the battery, BMS, DC-DC Converter, and VCU manufacturers, to offer complete EV solutions for retrofitting and new product development.