Ratan Tata-owned and promoted Electra EV raised fund of 25 million USD from a private equity fund, GEF Capital Partners.
The Global Environment Fund (GEF) Capital Partners invested in the Electric mobility start-up, Electra EV or Electro drive Powertrain Solution on Thursday, 3rd November 2022.
The Pune-based electric mobility company will use the money raised from the investment to expand the Company’s Product portfolio.
The EV products planned to expand in the production are, 3- wheeled and 4-wheeled vehicles, agricultural vehicles and other EV segments.
And the company aims to serve the purpose for both, domestic and global customers and manufacturers.
The company plans to work on strengthening the designs, testing the products and prototyping capabilities along with increasing the production.
According to the company’s Executive Director Samir Yagnik, the funding has helped the company financially .
And the funding has helped the company to come up with innovations repeatedly in developing the latest EV products.
The fund raised will also help the company to attract new customers across the country and the world.
Which will help in achieving the company’s vision to transform global movements toward cleaner fuels. Said the Executive Director in his statement.
The Global Environment Fund South Asia Growth Fund II is a private equity fund, which focuses on investments that promote resource efficiency and contribute to future sustainability.
Electra EV was established in the year 2017, which provides powertrain solutions like the end to end powertrain solutions.
Battery packs, e-traction systems, integrated electronics, sub-systems, and electronic components for the vehicle are some of the solutions, the company offers.
The company works to provide optimized electric powertrain solutions for the Asian markets with global electric mobility providers.
25% of the total electric 4-wheeled motor vehicles have Electra EV’s powertrain solution installed in them.
Vehicles like Tata Xpres-T (fleet) and Tata Ace EV have Electra EV’s powertrain solutions installed in them.
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