Hyderabad-based electric vehicle startup Etrio on Tuesday said it has raised of $3 million (approximately Rs 22 crore) in Series A round from high networth individual investors based out of Singapore.
The investment will fuel Etrio's foray into new electric vehicles (EVs) in three-wheelers and bicycle product lines, the company said, adding that it aims to focus on customer acquisition across both the B2B and consumer segments.
The group of investors is led by serial investor, Janardhan Rao, founder of Triumph Global Group, a Singapore-headquartered international commodity trading house.
"With over a year of extensive work, we finally make our big transition from retrofitment to creation of new electric vehicles," Deepak MV, Co-founder and CEO, Etrio, said in a statement.
"We will continue to evolve as an EV OEM (original equipment manufacturer) bringing reliable products based on superior vehicle architecture, efficient system integration, robust design, and connected systems to drive mass adoption of EVs in India."
Etrio said it plans to launch new electric three-wheelers Touro in October and Ashva and iSwitch e-bike lines in the coming months.
"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," the Etrio CEO said.
The company plans to use fresh funds to fuel its go-to-market strategy, set up sales and service networks across select cities, and hire key personnel over the next six-nine months.
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