Electric vehicle component maker Entuple E-Mobility has raised $3 million (around Rs 24.5 crore) in a pre-series A funding round from Blue Ashva Capital and Capital A.
The Bengaluru-based startup will use the capital towards strengthening its research and development capabilities, as well as to expand technology offering to its OEM customers.
Founded by Rakesh Mishra in 2010, Entuple E-Mobility is an EV R&D house engaged in the design, development, testing and system validations for drivetrains and combined charging stations.
It claims to have developed a product portfolio of 23 variants of integrated motors and controllers and also built a range of products and solutions for the spacetech, aerospace and defence sectors.
“We are enhancing our research and development capabilities through talent acquisition, investment in design and simulation tools, and advance test set-ups. We will also be launching a suite of hub-motor and mid-drive motor powertrains over the next three months. The homologation process for which is underway,” said Mishra.
“We believe that the growth of the EV market largely depends on access to technology and supply chain for battery cells and powertrains which account for almost 60% of the cost of the vehicle,” said Satya Bansal, founder, of Blue Ashva Capital, while commenting about the fundraise.
Blue Ashva Capital, an India and Singapore-based investment firm that concentrates on sustainable businesses in core sectors. It had closed its latest fund in July 2020. The fund had received commitments of Rs 454 crore.