India based Electric Vehicle startup Earth Energy EV has raised an undisclosed amount from private equity investors in its latest seed funding round.
The funding round was led by LR Joshi, Managing Director of Pranada Bio-Pharma among other private equity investors. The launch of 3 Vehicle models will be possible by the funds. The startup has been developing and perfecting these models along with on-road since the last 2.5 years. The funding will also acquire critical talent and strengthen the sales network.
Earth Energy EV was founded in 2017 by Rushi Shenghani. It has a range of customisable smart electric motorcycles for B2B delivery business, scooters, commercial vehicles, and autonomous vehicle drivetrains. It also manufactures OEM (original equipment manufacturer) for electric vehicles like power solutions and drivetrains.
The startup uses data from sensors and uses Artificial Intelligence and Data Analytics for smart preventive maintenance of vehicles. It operates under Dubai-based parent company Grushie Energy Private Limited.
Earth Energy EV had previously raised investments from private investors. It also participated in SmartCity Dubai Accelerator Programme in 2018. Rushi Shenghani said “It’s remarkable to have the support of our investors as we look to grow the company and disrupt the electric vehicle market.” The startup strives for innovation and wishes to expand in domestics and international markets.
The vehicles that will be launched are 96% localised. It thus marks the ‘Make in India’ initiative of the government in its true essence. The specialities of Energy Earth are smart vehicles, lithium Ion battery technology, advanced EVs, Last Mile Deliveries, Delivery Motorcycles, Electric Delivery Motorcycles among others.
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