By Inc42 Media
The company will utilise the fresh proceeds to scale up its operations in India, expand its team size and set up a dedicated manufacturing facility in Pune
Clean Mobility Solution India also plans to raise a Pre-Series round of $3 Mn to $5 Mn early next year
Apart from manufacturing electric three wheeler, the Indian subsidiary of the Swedish company will focus on first and last-mile services
The Indian arm of the Swedish electric vehicle (EV) maker Clean Motion has raised $1 Mn as part of a seed funding round from India Accelerator-backed micro venture capital (VC) firm Finvolve.
In a statement, Clean Mobility Solution India’s Deb Mukherji said that the company’s India arm also plans to raise a Pre-Series round of $3 Mn to $5 Mn early next year.
The company will utilise the fresh proceeds to scale up its operations and expand its team size in the country.
A chunk of the capital will also be earmarked to set up a dedicated manufacturing facility in Pune to manufacture its flagship three-wheeler passenger EV called Zbee. The funds will also be used to set up an EV charging infrastructure in India.
“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…,” said Mukherji.
Commenting on the fundraise, Finvolve cofounder and CEO Ashish Bhatia added, “… It is our strategic investment in the EV space, and we are confident that India’s favourable manufacturing environment will provide an impetus for growth to Clean India, bringing about a significant shift in the global EV market”.
For the uninitiated, Clean Motion AB is a Swedish company that manufacturers electric vehicles and components. Its flagship product is the electric three wheeler Zbee, which lasts for 50 km on a single charge. With the latest fundraise, Clean Motion AB has now forayed into India.
In a statement, the Indian subsidiary of the Swedish company said that it will focus on first and last-mile services and will look to offer mobility solutions, connecting key locations including metro stations, malls, colleges, and offices.
The development comes at a time when more and more global and domestic companies are ramping up their portfolio in India on the back of the country’s growing EV adoption. Earlier, it was reported that Tata Motors was planning to launch multiple cars under the brand name Avinya, the namesake for its electric concept car unveiled two years ago.
Last month, electric vehicle battery manufacturer Maxvolt Energy Industries raised $1.5 Mn in an undisclosed funding round from multiple angel investors.
At the heart of all this is the growing Indian EV market which is projected to be a $266 Bn market opportunity by 2030.