India’s EVage raises $28m in seed round from RedBlue Capital

Electric commercial vehicle startup EVage Friday announced that it has raised $28 million in a seed round of funding from US-based venture capital firm RedBlue Capital.

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.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.