Accelero Vehicles India Private Ltd, which runs electric vehicle (EV) startup Accelero Vehicles, on Thursday said it has raised seed funding of Rs 1.75 crore (around $233, 000) from Social Alpha and LetsVenture.
The Delhi-based company plans to use the fresh money for product development, pilot opportunities, boosting production capacity, geographic expansion and revving up the sales and marketing team.
Founded in 2017, Accelero Vehicles designs and manufactures durable and affordable EV solutions. It has been designing, developing and manufacturing affordable electric bicycles ‘eBik’ and retrofittable engines ‘eBik Smart’ that convert ordinary bicycles into electric vehicles.
“We aim to make electric mobility accessible to every household, especially to the underprivileged. With robust build quality, patented technology, financing options, and lifetime customer support, we believe we are uniquely placed to scale rapidly in the coming years," said Anant Jain, Founder of Accelero Vehicles.
Accelero said it will also use the rapid prototyping lab and other facilities at Social Alpha’s Clean Energy International Incubation Centre (CEIIC) in Delhi.