Redblue Capital Leads $28m Seed Round For Electric LCV maker – EVage

US-based venture capital firm RedBlue Capital has invested USD 28 million in EVage – an 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 the significant total cost of ownership (TCO) savings to its customers.

EVage plans on manufacturing vehicles in ‘Modular Micro Manufacturing’ factories with smaller footprints and fewer capital requirements than traditional automotive OEMs.

The company'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’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."