Indian EV startup EVage raised $28 million from a US-based venture capital firm RedBlue Capital. Indian startup EVage which is developing electric delivery vans for e-commerce and logistics companies. The company is the first startup to create an electric van in India from the ground up.
As the country’s EV market is at a shooting stage, Amazon aims to have 10,000 electric vehicles for deliveries by 2025 while Walmart’sFlipkart aims to have 25,000 EVs by 2030. Olaf Sakkers, General Partner at RedBlue Capital said that the electric vehicle market in India will boom with this shift in the movement of goods, and electrifying this segment will be a big opportunity. Compared with the West, India and markets like Southeast Asia, Africa and Latin America have unique demands in terms of the price and capacity of the vehicle, road conditions and weather.
With electric vehicle makers Rivian in the United States and Arrival in the UK, this Indian startup is betting on a global shift by delivery companies towards cleaner mobility.
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