EV Start-up ElecTorq Receives Investments From 9Unicorns, Others
Founded by five IIT Delhi alumni with experience in EVs, ElecTorq is a full-stack EV solution provider to businesses involved in last-mile mobility of goods and people
Idea-phase accelerator fund 9Unicorns announced that it has led an undisclosed pre-Series A funding round in electric vehicle (EV) mobility start-up Electorq.
The round also saw participation from several institutional and individual investors like AdvantEdge Founders, an early stage mobility-focussed VC Fund; Sumant Sinha, founder and CMD, Renew Power, and Samir Khurana, serial investor.
Founded by five IIT Delhi alumni with experience in EVs, ElecTorq is a full-stack EV solution provider to businesses involved in last-mile mobility of goods and people. Its value proposition consists of smart electric two-wheelers, swapping stations, connected intelligence modules, and cloud-based fleet management tools. The company aims to bolster the EV adoption landscape in India.
Anubhav Sharma, co-founder and CEO, ElecTorq, said, “We are seeing great traction from major fleet-based businesses in India and we are certain that with great partners like 9Unicorns, Sumant Sinha, and AdvantEdge on our side we will succeed in our mission of making the majority of the commercial 2Ws in India to be electric by 2025.”
“A majority of the market of electric 2Ws in India is struggling with the inferior technology. With the kind of tech skills that our team has from our Formula Experience from Germany and with the backers like 9Unicorns and Sumant, we are certain that our full-stack approach will be able to not only electrify India but also Bharat,” Shubham Srivastava, co-founder and CTO added.
To generate revenue, the company leverages a hybrid business model. It sells its hardware at a mark-up price and charges a subscription fee for its data and fleet management tools.
Anil Jain, co-founder of 9unicorns, said, “The uniqueness of ElecTorq’s product portfolio is that it covers the entire breadth of the system required to operate and manage an electric fleet at scale…By helping Indian enterprises and fleet managers go green while boosting their margins through increased TCO, the advantages offered by the brand are not only economical but also environmental.”
9Unicorns Accelerator VC provides acceleration support and seed funding to early-stage startups.