Global EV maker Clean Motion wins $1 million to set-up Manufacturing Unit in India
Global EV maker Clean Motion’s Indian arm has successfully raised $1 million in a Seed Funding round. The company raised this significant funding from India Accelerator led micro venture capital firm Finvolve.
In an official statement, the managing director of Clean Mobility Solution India, Deb Mukherji stated that the firm’s Indian arm is set raise $3 million to $5 million as a continuation of Pre-Series Round in the early next year.
As well, the company stated that it will utilize the fresh funds to streamline the core operations and extend the size of the team in the country.
And a mass lump of a capital from raised funding will be allocated to establish a manufacturing unit in Pune. The manufacturing unit will be set up to manufacture the company’s flagship three-wheeler passenger EV known as Zbee. Also these funds will be utilized to establish EV charging infrastructure in India.
This significant move seems to be a chain of many global and in-country venture are spurring up their strong portfolio in India as the county is becoming a key leader in EV adoption.
As a whole, the burgeoning market of EV in India is anticipated to achieve a $266 billion by 2030.
Expressing to this, Mukherji says, “We appreciate the trust that India Accelerator, Finvolve and other prestigious investors have put in our company’s capabilities. Our strategic allocation plan will help us scale our operations, focused on strengthening the country’s ‘Make in India’ efforts and solidifying its position as a leader in the global urban mobility transportation space”.
Similarly, speaking to this fundraise, Ashish Bhatia, Co-Founder and CEO, Finvolve states, “It is our strategic investment in the EV space, and we are confident that India’s favorable manufacturing environment will provide an impetus for growth to Clean India, bringing about a significant shift in the global EV market”.
In an official statement, the managing director of Clean Mobility Solution India, Deb Mukherji stated that the firm’s Indian arm is set raise $3 million to $5 million as a continuation of Pre-Series Round in the early next year.
As well, the company stated that it will utilize the fresh funds to streamline the core operations and extend the size of the team in the country.
And a mass lump of a capital from raised funding will be allocated to establish a manufacturing unit in Pune. The manufacturing unit will be set up to manufacture the company’s flagship three-wheeler passenger EV known as Zbee. Also these funds will be utilized to establish EV charging infrastructure in India.
This significant move seems to be a chain of many global and in-country venture are spurring up their strong portfolio in India as the county is becoming a key leader in EV adoption.
As a whole, the burgeoning market of EV in India is anticipated to achieve a $266 billion by 2030.
Expressing to this, Mukherji says, “We appreciate the trust that India Accelerator, Finvolve and other prestigious investors have put in our company’s capabilities. Our strategic allocation plan will help us scale our operations, focused on strengthening the country’s ‘Make in India’ efforts and solidifying its position as a leader in the global urban mobility transportation space”.
Similarly, speaking to this fundraise, Ashish Bhatia, Co-Founder and CEO, Finvolve states, “It is our strategic investment in the EV space, and we are confident that India’s favorable manufacturing environment will provide an impetus for growth to Clean India, bringing about a significant shift in the global EV market”.
