Electric vehicle powertrain solutions company Electra EV Thursday said it has raised about $ 25 million from GEF Capital’s South Asia Growth Fund II for a minority stake. Setup in 2017, Electra EV is owned and promoted by industrialist Ratan Tata. Electra EV designs, develops, integrates, manufactures, and supplies EV powertrains systems across passenger and commercial vehicle segments.
Electra EV will utilize the capital raised for expanding its product portfolio across electric 3Ws, electric 4Ws, agricultural applications, and other EV segments to serve both domestic and international OEMs and Tier 1 automotive suppliers. The company additionally plans to further improve its design, testing and prototyping capabilities and expand the production capacity to support growing volumes.
Samir Yajnik, Executive Director, Electra EV, said “This fund raise provides us with both financial resources and a like-minded partner like GEF Capital to help us continuously innovate, acquire new customers in India and overseas, thereby achieving our vision of transforming the global movement towards cleaner fuels.”
Electra EV has its proprietary Battery Management System and Vehicle Control Unit solutions which enables it to offer integrated powertrain solutions for Electric Vehicles. Through its R&D facility situated in Pune and manufacturing facility based out of Coimbatore, Electra EV provides end-to-end solution and support to automotive OEMs, from conceptualization, through design & development (D&D) stage, prototyping, homologation, powertrains production and after sales support so far across India. Electra EV specializes in optimization of the EV Powertrain for various applications, then supplies them to the OEM to be integrated into the vehicle and services them, at scale.
The powertrains for several leading passenger and commercial EVs including Tata Xpres-T (fleet) and Tata Ace EV have been designed and manufactured by Electra EV. “The EV ecosystem is currently at a pivotal stage, and we believe Electra EV’s differentiated proposition of high-end performance, safety and affordability provides a strong growth opportunity”, said Sridhar Narayan, Managing Partner at GEF Capital.