Bengaluru-based electric vehicle (EV) startup Cell Propulsion on Monday announced that it has raised an undisclosed amount in a pre-Series A funding round led by growX ventures and Micelio. Existing investor Endiya Partners, who led the seed round in September 2019, also participated in this round.
The startup said the funds will be used to start deploying powertrains for electric trucks and electric buses with fleet operators, and large ecommerce and logistics providers.
Founded in 2017 by former Indian Space Research Organisation (ISRO) engineers - Nakul Kukar, Paras Kaushal and Supratim Naskar, Cell Propulsion is working on developing integrated electric powertrains for electric buses and electric LCVs. It has also been a part of the EV accelerator program by Huddle, a leading accelerator for early-stage companies in India.
Cell Propulsion founders (L-R) Nakul Kukar, Paras Kaushal, and Supratim Naskar
Speaking about the development, Cell Propulsion founder and CEO Nakul Kukar, said,
“There are multiple fundamental challenges that have limited the large-scale adoption of electric commercial vehicles. We are focussed on solving these issues to enable seamless fleet electrification and this investment will allow us to obtain all required certifications and begin deploying our solutions. This investment also sets us up for building a strong foundation for the company with a compelling story and vision."
Over the past year the startup has been been upgrading its technology for high voltage (>600V) and high power (>100kW) applications in eBuses, and eHCVs. It is gearing up to start delivering powertrains and vehicle conversion kits with some large fleet operators across the industry.
Commenting on the investment, Micelio founder and director Shreyas Shibulal said,
“As ecommerce deliveries continue to surge and with multiple state-level electric vehicle policies aimed at faster adoption of EVs announced recently, Cell Propulsion is well-placed to accelerate the electrification of commercial vehicles in India by reducing the capital and operational expenditure of logistics and public transportation fleets.”
“It’s been encouraging to see positive momentum for Cell Propulsion with active interest from fleet operators to transition to electric. We’re confident on their forward-looking plans which focus on leveraging the growth of ecommerce, logistics, and public transportation sectors in India," said Huddle founding partner Ishaan Khosla.
Edited by Javed Gaihlot
Want to make your startup journey smooth? YS Education brings a comprehensive Funding Course, where you also get a chance to pitch your business plan to top investors. Click here to know more.
Link : https://yourstory.com/2020/09/funding-alert-cell-propulsion-raises-pre-series-a-round
Author :- Trisha Medhi ( )
September 07, 2020 at 03:02PM
YourStory