# EVage Ventures Pvt.

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/evage-ventures-pvt

- Industry: Automobiles, Other Vehicles & Parts
- Headquarters: Chandigarh, India
- Website: www.evage.in
- Total disclosed funding: $32M
- Latest round: Seed (Jan 14, 2022)
- Investors on record: 2

## About

EVage Ventures Pvt. Ltd. specializes in manufacturing electric commercial vehicles, focusing on sustainable logistics solutions. Their flagship product, the FR8, is designed to meet the demands of the delivery and logistics industries with advanced technology and efficiency.Founded in 2019 in Chandigarh, India, EVage Ventures Pvt. Ltd. operates in the electric vehicle sector, specifically targeting commercial vehicle manufacturing. The founding team includes Harnoor Kaur, Inderveer Singh, and Pulkit Srivastava, with Inderveer Singh currently serving as the CEO. The company's operations have evolved to include various strategic investments, with its latest funding round being a SEED round in which they raised USD 28.00 mn led by RedBlue Capital on January 14, 2022. The total amount raised by the company to date also stands at USD 28.00 mn, reflecting a focused strategy towards electric vehicle production.EVage Motors is a pioneering manufacturer of electric commercial vehicles, most notably the fully-electric FR8. This 1-ton electric truck is specifically designed for logistics and delivery industries. The FR8 utilizes a proprietary modular chassis known as the 4ME platform, allowing customization for various applications such as passenger transport, delivery vans, and heavy-duty trucks. With ultra-fast charging capabilities that enable a full charge in under 20 minutes and a range of up to 100 km on a single charge, it primarily serves markets in India, addressing the needs of clients in e-commerce, FMCG, and courier services through efficient and sustainable mobility solutions.EVage Motors generates revenue through the sale of its flagship product, the FR8 electric truck, primarily targeting B2B transactions with fleet operators. The pricing structure reflects the advanced technology and customization options available for the FR8, appealing to businesses seeking reliable delivery solutions. In the most recent financial year, the company reported revenue of USD 0, with an EBITDA of USD -599,021.30 in 2023. Revenue is further supported by potential service agreements related to the modular platform, fostering long-term relationships with clients.In January 2022, EVage Ventures Pvt. Ltd. secured USD 28.00 mn in SEED funding led by RedBlue Capital, aimed at enhancing their production capabilities. The funds will be utilized to build a factory outside Delhi to manufacture their maiden product, Model X, anticipated for release by 2023. The company plans to expand its product offerings and aims to penetrate additional markets in India, further solidifying its position in the electric vehicle sector.

## Funding rounds

- Seed, Jan 14, 2022, $28M — RedBlue Capital
- Seed, Jul 18, 2021, $4M — Maniv Mobility

## Investors

- Maniv Mobility (https://capitalatlas.ai/funds/maniv-mobility) — Seed
- RedBlue Capital (https://capitalatlas.ai/funds/redblue-capital) — Seed