November 20, 2024 | Mumbai
Accelerating Growth in Electric Mobility
Vajram Electric, the manufacturing arm of EV rental service provider eBikeGo, has announced plans to raise $5 million in equity funding to fuel its ambitious expansion and innovation roadmap. The Mumbai-based company aims to scale up production lines, modernize infrastructure, and integrate advanced technologies to cater to the growing global demand for electric vehicles (EVs).
Scaling Up for a Sustainable Future
Founded in 2022, Vajram Electric specializes in manufacturing electric two-wheelers, three-wheelers, and e-cycles, targeting both urban and rural markets. The company’s goal is to be a significant contributor to a sustainable and efficient EV ecosystem.
CEO Chandra Mouli emphasized, “Our goal is to become a key player in the global EV ecosystem. With this expansion, we will not only increase our capacity but also deliver innovative, high-quality products that meet the evolving needs of our clients.”
Utilizing Fresh Capital for Growth
This $5 million equity fundraise marks Vajram Electric’s second round of funding, following a successful $3 million raise earlier. The new funds will be directed toward:
- Enhancing Production Capacity: Expanding manufacturing lines to meet rising domestic and international EV demand.
- Infrastructure Modernization: Upgrading existing facilities to integrate cutting-edge technology and improve operational efficiency.
- Portfolio Diversification: Introducing new innovations such as electric trikes and advanced e-cycles.
Entering Contract Manufacturing
As part of its diversification strategy, Vajram Electric plans to enter contract manufacturing for other EV makers. This move positions the company to leverage its state-of-the-art facilities and capitalize on increasing global EV demand.
A Strategic Opportunity Amid Rising EV Demand
The timing of Vajram’s expansion is ideal, as global automotive giants are actively diversifying supply chains to scale production. Vajram Electric is well-positioned to fill this gap with its innovative product lineup and commitment to quality.
Commitment to Sustainability and Innovation
With a mission to advance electric mobility solutions, Vajram Electric is focusing on sustainability, efficiency, and technological superiority. The company’s ongoing efforts align with global trends emphasizing clean energy and eco-friendly transportation.
