- One of India's largest seed rounds

    US-based venture capital firm RedBlue Capital has invested USD 28 million 
in EVage – the leading all-electric commercial vehicle OEM in India supplying 
EV trucks to major delivery fleets such as Amazon India's Delivery Service 
Partner. This is among the largest seed rounds for any Indian start-up and will 
allow EVage to complete its production-ready factory outside of Delhi in FY 
2022-23 and scale up production.

   EVage has developed a platform for industry-ready electric vehicles that 
exceed the quality of comparable options available in India and other emerging 
markets at a far lower cost basis, passing on significant total cost of 
ownership (TCO) savings to its customers. 

   EVage's design and manufacturing methodologies leverage nearly a decade of 
proprietary hardware, software and process innovations. EVage will manufacture 
vehicles in 'Modular Micro Manufacturing' factories with smaller footprints and 
less capital requirements than traditional automotive OEMs. 

   EVage's first vehicle, the Model .X (point X), is a one-tonne truck designed 
for the commercial delivery vehicle market, and is undergoing a seismic shift 
towards electrification. The Model .X was designed and built in close 
coordination with early fleet customers including Amazon India's Delivery 
Service Partner, to which EVage is a supplier.

   "EVage's vehicle platform and fabrication approach is something totally new 
and much needed to accelerate electrification in low cost markets. The founders 
took a completely clean-sheet approach to get a truck that meets the needs of 
delivery fleets across India at a cost basis that beats internal combustion," 
said Prescott Watson, General Partner at RedBlue Capital. "The fact that such 
an innovative product is being used today by major fleet customers makes EVage 
a clear standout in their field - this is the team that's actually delivering."

   "India is a market with booming EV demand especially in the commercial 
vehicle segment, but there is a severe supply shortage. EVage fills this exact 
gap. We're excited to be partnering with them through our India Green Growth 
fund," added Olaf Sakkers, General Partner at RedBlue Capital. Both partners 
will join the board of EVage.
  
   Inderveer Singh, Founder & CEO, EVage, said, "We welcome RedBlue Capital in 
our mission to supercharge EV adoption in India, with its consequent social, 
environmental and economic benefits. When we pioneered our highly adaptive and 
modular multi-vehicle platform in 2014, it was a journey into the unknown. The 
success of new global OEMs and their impact on electrifying transport in the US 
& Europe is a testament to what we can do in India and other price-sensitive 
countries."

   Inderveer added, "We're aggressively hiring from the top automotive & 
aerospace companies in India and globally and are looking for mission-driven 
people who understand the value of electrifying the world's transportation, 
especially in emerging markets."

   About EVage:

   EVage has fused automobile designing with the ingenuity of aerospace 
engineering to reimagine and transform the mobility industry. This has led the 
company to develop breakthrough products like the modular single skateboard for 
building multiple vehicle types, a lightweight yet tough exoskeleton covered 
with space-grade composite material, ultra-stable batteries with advanced 
chemistry, all manufactured in a super-efficient microfactory.

   The company currently employs around 50 people from both Aeronautics and 
Automobile backgrounds at its R&D and Robotics centre in Mohali, India.

   Read more - www.evage.in

   About RedBlue Capital:

RedBlue Capital is an early stage venture capital firm backing global startups 
in the transportation, logistics and energy-transition sectors. Co-founders 
Olaf Sakkers and Prescott Watson previously led investing at Maniv Mobility 
where they were significant investors in mobility leaders like Zoomo, Revel, 
Phantom Auto, Cognata, Autofleet, among others. Read more at www.red.blue. 

   Media contact:

   Sonali Bagchi
   +91-9873242084
   sonali.bagchi@evage.in

   Photo: https://mma.prnewswire.com/media/1725923/EVage_One_Tonne_Truck.jpg

   Source: EVage Ventures Pvt Ltd