Electrodrive Powertrain Solutions, or Electra EV, a Ratan Tata-owned company, raised more than $25 million (about Rs 207 crore) on Thursday from GEF Capital Partners’ South Asia Growth Fund II for a minority stake in the EV solutions company.
The Pune-based company intends to use the new funds to expand its product portfolio, which includes electric three and four-wheelers, agricultural applications, and other EV segments, in order to serve both domestic and international manufacturers and automotive suppliers. In addition to increasing production capacity, the company intends to strengthen its design, testing, and prototyping capabilities.
Electra EV, founded in 2017, is backed by Ratan Tata and provides powertrain solutions to customers in both the passenger and commercial vehicle segments. End-to-end powertrain solutions such as battery packs, e-traction systems, and integrated electronics, sub-systems, and components across multiple segments are among its offerings. Its powertrain solutions are used in the Tata Xpres-T fleet and the Tata Ace EV.
This investment was made by GEF Capital Partners’ South Asia Growth Fund II, which raised nearly $200 million from a group of eight global investors including the CDC Group of the United Kingdom, the European Investment Bank, and the Dutch investment firm FMO, among others.
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