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VMPL
New Delhi [India], October 23: Konwert India Motors Pvt. Ltd., a Coimbatore-based electric mobility company, has raised a pre-Series A round from The Chennai Angels (TCA). Konwert converts petrol, CNG and LPG auto-rickshaws into electric vehicles. Existing investors Campus Angels Network, Keiretsu Forum Chennai and Native Angel Network also invested in the round. Konwert will use the funds to grow sales, add to its product range and enter new markets in India and abroad. Most of Indias auto-rickshaws still run on fossil fuels, and for the drivers who own them, a new electric three-wheeler is often out of reach. Konwerts approach is to electrify the vehicle the driver already owns. Its retrofit costs roughly half the price of a new electric auto-rickshaw. A patented process completes the conversion in 90 minutes. Drivers save approx INR 12,00015,000 a month on fuel, about a quarter of a typical drivers monthly income, and get up to 213 km of range on a 10 kWh battery. Drivers can service their vehicles at about 800 myTVS touchpoints across India and finance the conversion through four lending partners. Nickendra Manikandan, Founder, Konwert India Motors, said: Every auto-rickshaw we convert belongs to a driver who keeps their vehicle, cuts their fuel bill and takes home more each month. Seeing a product we built with so much passion on the road, in customers hands and improving their lives, is the most rewarding part of this journey. We are now in our scaling phase, and this round lets us reach more cities, more vehicle types and more markets. We are grateful to The Chennai Angels for their support, and to our existing investors for backing us again. Deepak Reddy, Lead Investor, The Chennai Angels, said: Electrifying transport is central to Indias path to energy independence, and Konwert is well placed to contribute to it. Its product extends the life of the auto-rickshaws already on our roads while making them cleaner to run. Beyond the product, Konwert has built the processes and partnerships it needs to scale. TCA is excited to partner with the team and help supercharge this mission. About Konwert India MotorsKonwert India Motors Pvt. Ltd., founded in Coimbatore in 2019 by Nickendra Manikandan, manufactures electric powertrains that convert petrol, CNG and LPG auto-rickshaws into electric vehicles. Its magnet-free motors and patented process enable conversions in 90 minutes at about half the cost of a new electric three-wheeler. Financing is available through lending partners, with servicing supported by myTVS. Operating in India and Sri Lanka, Konwert is also developing retrofit solutions for light commercial vehicles. Learn more at https://www.konwertindiamotors.com/ About The Chennai AngelsThe Chennai Angels (TCA) is one of Indias most active angel investing groups. Founded in 2007, it comprises of successful entrepreneurs and business leaders with a track record of building and scaling large enterprises. Over the years, TCA has invested over INR 200 crore across 100+ start-ups in India. www.thechennaiangels.com (ADVERTORIAL DISCLAIMER: The above press release has been provided by VMPL. ANI will not be responsible in any way for the content of the same.)
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