One of the most talked about electric mobility companies in India at the moment, E-Trio has successfully raised a sum of INR 22 crore in a latest round from a set of high net worth individuals reportedly based out of Singapore.
The Hyderabad-based electric vehicle start up had earlier formed a core team of battery experts with patent applications in battery cooling technologies, a great positive step for the start-up nestled down south in India.
Having said that, the new investment sum raised by the firm whose key strengths (apart from other offerings) is supply of batteries to companies and even other start-ups, is to foray into important segments such as the three-wheelers and bicycle product lines.
Having a versatile segment all fully electric (or fully electric-powered) will also hold the firm in good stead to further elevate its standing in a competitive Indian ecosystem driven by electric vehicles.
This information, released only recently in the public domain, was confirmed by the company. One of the key current aims of E-trio is to focus on customer acquisition across not just the B2B segment but also the consumer segment.
Having both expertise and experience as its key resources, E-trio is also noted and growing in its offering of the key service: full EV conversion solutions to nearly any category of vehicles, including- Sedans, SUVs, and a lot more.
The company made news in the last financial year to get certifications for car brands such as the Maruti Suzuki Swift Dzire and Tata Ace, apart from Maruti Alto. Furthermore, it also earned certificates from important Apex bodies such as ICAT and ARAI.
But more information about the investors collaborating with the growing electric vehicles start-up suggests that the group investing in E-trio was led by a serial investor, Janardhan Rao, who happens to be the founder of Triumph Global Group.
An international commodity trading house, Triumph Global Group is based in Singapore.
That being said, speaking on the occasion of the successful raise of funds, Mr. Deepak MV, Co-founder and CEO had the following to say:
“With over a year of extensive work, we finally make our big transition from retrofitment to creation of new electric vehicles. We will continue to evolve as an EV OEM bringing reliable products based on superior vehicle architecture, efficient system integration, robust design and connected systems to drive mass adoption of EVs in India.”
That being told, what’s also interesting to note is that the coming months shall be full of enthusiasm and action for the e-LCV brand in that it has announced intentions to launch a brand new electric three-wheeler Touro (expected in October) and a line of iSwitch e-bikes in the period thereafter.
Furthermore, the CEO of the company also shared the key insights associated with the future course of action and said, “We aim to enter the highly-dense three-wheeler EV market starting with the cargo segment aimed at e-commerce logistics space and then subsequently set up its channel network for driving both passenger and cargo three-wheeler sales across major states in the North and South India.”