The funding will allow EVage to complete its production-ready factory outside of Delhi in FY 2022-23 and scale up production, it said in a statement.
As part of the funding, RedBlue Capital general partners Prescott Watson and Olaf Sakkers will join the board of EVage.
“We welcome RedBlue Capital in our mission to supercharge EV adoption in India, with its consequent social, environmental and economic benefits. We’re aggressively hiring from the top automotive & aerospace companies in India and globally and are looking for mission-driven people who understand the value of electrifying the world’s transportation, especially in emerging markets,” said Inderveer Singh, Founder & CEO, EVage.
Founded in 2014, Evage is an all-electric commercial vehicle OEM in India supplying EV trucks to major delivery fleets such as Amazon India’s Delivery Service Partner. Its first vehicle, the Model .X (point X), is a one-tonne truck designed for the commercial delivery vehicle market.
The company currently employs around 50 people from both aeronautics and automobile backgrounds at its R&D and Robotics centre in Mohali, India.
“EVage’s vehicle platform and fabrication approach is something totally new and much needed to accelerate electrification in low cost markets. The founders took a completely clean-sheet approach to get a truck that meets the needs of delivery fleets across India at a cost basis that beats internal combustion,” said Prescott Watson, General Partner at RedBlue Capital.