Ratan Tata promoted Electrodrive Powertrain Solution (Electra EV) has raised about $25 million from GEF Capital’s South Asia Growth Fund II for a minority stake.
Electra EV will use the capital for expanding its product portfolio across e3 wheelers, e4 wheelers, agricultural applications, and other EV segments to serve both domestic and international OEMs and tier 1 automotive suppliers. The company plans to further enhance its design, testing and prototyping capabilities and expand the production capacity to support growing volumes. Electra EV is run by a professional management team led by industry veterans.
The powertrains for several leading passenger and commercial electric vehicles including Tata Xpres-T (fleet) and Tata Ace EV have been designed and manufactured by Electra EV. It has capabilities in low voltage full systems and in high voltage platforms.
End-to-end solutions
Setup in 2017, Electra EV designs and develops, integrates, manufactures, and supplies EV powertrains systems across passenger and commercial vehicle segments. Its offerings are focused on addressing end-to-end powertrain solutions – supplying full systems including battery packs, e-traction systems and integrated electronics, sub-systems, and components across multiple segments like two and three wheelers, four wheelers and EV applications in agriculture and off-highway segments.
Samir Yajnik, Executive Director said the fund raise provides both financial wherewithal and a like-minded partner like GEF Capital to help continuously innovate, acquire new customers in India and overseas.
Pivotal stage
GEF Capital’s Managing Partner Sridhar Narayan said the EV ecosystem is currently at a pivotal stage and Electra EV’s differentiated proposition of high-end performance, safety and affordability provides a strong growth opportunity.
GEF Capital Partners is a global private equity fund manager focused on making investments in companies that seek to address the adverse effects of climate change. With operations in the India, United States and Brazil, GEF Capital seeks to invest capital in ways that deliver both private equity risk-adjusted returns and positive environmental outcomes.