Electric vehicle technology startup – Cell Propulsion, which is based out of Bengaluru has raised USD 2 million (debt + equity funding) in a growth round from the existing investors. The company builds and deploys electric commercial vehicles (eLCVs and eHCVs) as part of its integrated solution.
The key investors are Endiya Partners, growX Ventures, Huddle Accelerator and Micelio. The funding happened at a time when the company has initiated deploying eLCVs with various logistics companies for the last and middle-mile movement of cargo while setting up its first charging station and service centre in Bengaluru. The fund will also be used for further development of the integrated eco-system to accelerate the adoption of eCVs.
Cell Propulsion co-founder and CEO Nakul Kukar said – “We are delighted to have continued interest and support from our key investors. With the funds raised last year, as part of our Pre-Series A round, we successfully completed the certification of battery packs and eLCVs besides commissioning pilot assembly lines for the battery packs and the eLCVs. The current round has been done to meet the growing demand for our solutions, expand our operations, and successfully execute our go-to-market strategy.”
They plan to continue their work towards transforming the commercial vehicles segment to become connected, electric and smart. In addition to this, the company will also enable the upgradation of eBus powertrain technology for eTrucks and eHCVs. This technology was developed as part of the project with BMTC, making them one of the only startups in the country that are developing high power, high payload electric CVs and associated solutions.
In September 2020, the company had raised about USD 1 million as part of its Pre-series A round.