Indian Electric vehicle manufacturer Detel said it is planning to raise INR 150 crore by the end of this year. The funds will be utilised for developing new product lines for tier-2 and tier-3 markets at a competitive price.
The brand had unveiled the advanced model of Detel Easy i.e Detel EV Plus catering to the needs of the B2C segment and Detel Easy Loader for B2B at the Auto Show 2020.
The company will be creating an R&D facility and manufacturing unit in Gurugram as it plans to manufacture 100% localised EV components here itself.
Yogesh Bhatia, founder of Detel, said, “We have always strived to cater to the Indian consumers with the most economical and Indianised product line. To reinforce our vision, we are in talks with the investors for our first equity funding that will further help us develop innovative consumer durables for masses by leveraging cutting-edge technology.”
The company has just recently forayed into the EV market in 2020. It entered the Indian market in 2017 with its electronics goods and consumer gadgets.