Mumbai: Idea-phase accelerator fund 9Unicorns on Wednesday said it has led an undisclosed pre-Series A funding round in electric vehicle (EV) mobility solution provider ElecTorq.
The round also saw participation from institutional and individual investors including AdvantEdge Founders, Sumant Sinha, Founder and CMD of Renew Power and Samir Khurana, serial investor.
Founded by five IIT Delhi alumni, ElecTorq is a full-stack EV solution provider to businesses involved in last-mile mobility of goods and people.
“We are seeing great traction from major fleet-based businesses in India and are certain that with great Partners like 9Unicorns, Sumant Sinha, and AdvantEdge on our side we will succeed in our mission of making the majority of the commercial 2Ws in India to be electric by 2025,” said Anubhav Sharma, Co-Founder & CEO, ElecTorq.
ElecTorq was among the 17 companies selected by LightSpeed Venture Partners for its ‘Extreme Entrepreneurs Cohort 2021′.
ElecTorq said the its suite of intelligent mobility and fleet management solutions are designed for commercial-first applications such as food delivery, grocery deliveries, ride-sharing, e-commerce, and self-drive mobility.
To generate revenue, the company leverages a hybrid business model. It sells its hardware at a markup price and charges a subscription free for its data and fleet management tools.
“On the back of its innovative solution, the brand is equipped to capture a market opportunity in India estimated to be worth $4 billion by 2025,” said Anil Jain, Co-founder of 9unicorns.
9Unicorns provides funding of $100K-$200K per startup in the first round, and may invest further $500K-$2 million in successive rounds with its co-investors.
Story has been sourced from the third-party content provider, websites https://www.siasat.com/9unicorns-invests-in-ev-mobility-startup-electorq-2135887/