Electrodrive Powertrain Solution or Electra EV, an electric mobility startup owned by Ratan Tata has raised over Rs 207 crore (about $25 million) from GEF Capital Partners for a minority stake in the EV solutions company.
The Pune-based startup will deploy the fresh funds to expand its product segment in electric three and four-wheelers, agricultural applications, and other EV segments to serve domestic and international manufacturers and automotive suppliers.
Along with expanding its production capacity, it also intends to improve its design, testing, and prototyping capabilities.
Founded in 2017 the startup designs, develops, integrates, manufactures, and supplies EV powertrains systems across commercial and passenger vehicle segments.
Tata Xpres-T (fleet) and Tata Ace EV have their powertrain systems.
“This fundraiser provides us with both financial wherewithal and a like-minded partner like GEF Capital to help us continuously innovate, and acquire new customers in India and overseas, thereby achieving our vision of transforming the global movement towards cleaner fuels,” said Samir Yajnik, the EV player’s executive director.