Mumbai based smart mobility start-up, StromMotors (E14 Technologies Pvt Ltd) has raised angel funding from Indian Angel Network (IAN).
Leading the funding round were IAN members Neeraj Garg, Sanjay Bhasin and Anirudh Agarwal.
The investment will help StromMotors to consolidate its leadership position in the technology-enabled mobility industry, setting up product sales, accelerate its geographical expansion and increase its consumer base across markets.
Founded in the year 2011, by Pratik Gupta, Jean-Luc Abaziou and Gilmer Blankenship, StromMotors aims to redefine urban mobility and re-invent India’s personal transportation through its smart electric car, the company said in a statement.
Earlier this year, the company unveiled Strom-R3, an all-electric urban mobility solution which addresses the pain points of the country’s mobility architecture and brings a new approach to safety, sustainability and driving experience.
Strom-R3 is a fully air-conditioned, two-seater reverse trike with a compact design, premium interiors and a high torque electric drive-train that has been designed to be a perfect vehicle for densely populated cities like Mumbai, Delhi and Bengaluru.
StromMotors will also be utilizing the funds to set up its assembly plant in Mumbai for Strom-R3 which has already received over 100 pre-orders from the Maharashtra region.
Pratik Gupta, Founder & CEO at StromMotors said, “Sustainable personal mobility solution in India is still in its nascent stages and there is huge opportunity for electric vehicle segment to grow in the coming years. The investment will help us to strengthen our roots in India and obtain homologation and begin deliveries of Strom-R3.”
Lead investors Neeraj Garg, Sanjay Bhasin and Anirudh Agarwal said “In India, Electric Vehicle adoption will grow significantly in next five years. Adoption will depend if car manufacturers are able to offer products that cater to uniquely Indian set of requirements – road conditions, consumer taste, affordability and commute patterns among others.”
StromMotors has recently tied up with what3words, one of the most innovative geo-addressing company based out of UK, to optimize GPS mapping and bring accuracy to navigation in a complex road infrastructure such as India. The start-up has also forged strategic partnerships with some of the leading automotive suppliers and experts to streamline manufacturing and ensure faster electric automobile delivery to its customers.
In India, electric vehicles are projected to undergo explosive growth in the coming years. As per a data brought out by Society of Manufacturers of Electric Vehicles (SMEV), EV sales stood at around 56,000 units in FY 17-18 as against about 25,000 units in 2016-17, the statement added.
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