Terra Motors has recently raised $28 million in a recent Series C funding and is now expanding to Hyderabad, Bangalore, Pune, Gurgaon, Kolkata, and Chennai for Terra Charge- Charging Infrastructure vertical. While the EV ecosystem company has not disclosed the previous FY figures, it anticipates annual revenue of $668,000 in FY2024 from its Terra Charge vertical.
Terra Motors India, a leading EV ecosystem company, is expanding its electric vehicle charging infrastructure venture, Terra Charge, with new offices in Hyderabad, Bangalore, Pune, Gurgaon, Kolkata, and Chennai. The EV leader has already made six appointments in each city and is actively recruiting skilled professionals in key engineering, technology, and growth roles to achieve a total employee strength of over 250 by 2024. This structured expansion comes after Terra Motors raised $28 million in a recent Series C funding round.
CEO of Terra Motors India, Mr. Akihiro Ueda, expressed his thoughts on the expansion, remarking, “We are quite excited about our new offices, and I am looking forward to the opportunities they bring for the company. To support the Government’s aim to push the share of EVs in automobile sales to 30% by 2030, we are working to develop products, innovate sales methods, and increase distributor networks while catering to the unique demands of each market. Our current goal is to provide high-value EV charging services and explore meaningful business opportunities.”
While the company has not disclosed its previous Financial Year figures, it anticipates an annual revenue of $668,000 for FY24.To support the planned expansion, the EV leader has secured significant funding and is comfortably positioned to scale growth. The strategic locations will enable its subsidiary, Terra Charge, to extend efficient and reliable charging services across India. Through its planned expansions and collaborations, Terra Motors is moving towards its goal of installing 800-1000 charge points by March. It has already installed its first set of EV charging hubs in Haryana and plans to expand its EV network in West Bengal and Maharashtra. The company recently collaborated with SNM Cabs, an all-electric-fleet mobile-based ride-hailing service provider, to develop a charging hub for the cab fleet near Pune airport, and they are working to add four more EV hubs in prime areas by March 2024.
By establishing new offices, Terra Motors intends to boost its presence in the Indian EV ecosystem, explore new business opportunities, and cater to the rising demand for advanced electric vehicle charging infrastructure. It aims to provide superior-quality charging services to commercial EV users and accelerate India’s EV revolution. The company is currently exploring more expansion opportunities and product innovations.