EV startup EVage raises $28 million from RedBlue Capital, others

Bengaluru: EVage, an all-electric commercial vehicle startup, has raised $28 million in a seed funding round led by US-based venture capital firm RedBlue Capital. The company said it will use the fund to build a factory outside Delhi, where it will start making its maiden product, Model.X, in the next fiscal year.

Model.X is a one-tonne truck designed for the commercial delivery vehicle market. EVage plans to launch the vehicle in 2022, founder Indraveer Singh told ET. The Mohali-based company said it has developed a vehicle platform that exceeds the quality of comparable options in India and other emerging markets—that too at a lower cost. A vehicle platform is the structure which a vehicle is built on. The same platform is often shared among several models.

EVage commenced operations in 2014 and has been developing, testing and validating its product ever since.


Singh told ET that the vehicle has been “ready since 2019” and five units of it are on the road with clients, each of them having tested more than 50,000 kilometres.

EVage said it will manufacture vehicles in ‘modular micro manufacturing’ factories with smaller footprints and lower capital requirements than traditional vehicle makers.

“EVage’s vehicle platform and fabrication approach is 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.