Electrodrive Powertrain Solutions (Electra EV), a leading supplier of electric vehicle powertrain solutions, raised more than $25 million from GEF Capital Partners’ South Asia Growth Fund II. This was to acquire a minority interest in the EV solutions firm.
Electra EV, a Pune-based EV firm, offers affordable EV powertrain systems, solutions, and services that support OEMs, orchestrators, and Tier-1 suppliers. It also works with international electric mobility providers to provide optimized EV powertrain options for Asian markets.
It is notable that more than 25% of all electric four-wheelers in India, in FY20, had an Electra EV powertrain.
Ratan Tata-backed Electra EV is constantly innovating in order to provide new solutions in its core areas of energy utilization and powertrain optimization. The company will use the new capital to expand its product range, including electric three-wheelers and electric four-wheelers and agricultural applications. This will allow it to better serve automotive suppliers and domestic manufacturers.
The company also stated that it plans to increase its design, testing, and prototyping capabilities, as well as its production capacity.
Samir Yajnik is the Executive Director of Electra EV. He stated, “This fundraiser provides us both with financial wherewithal as well as a partner like GEF Capital. This will allow us to continue innovating, acquire new customers in India, and help us achieve our vision of transforming global energy towards cleaner fuels.”