The newly secured capital is set to boost River’s manufacturing prowess and power its upcoming market launch, aiming for deliveries to kick off in August 2023
The Rs 600 crores investment will result in ownership of between 9.97 per cent to 13.64 per cent for IFC in NewCo. NewCo will house the last mile mobility division, including three-wheelers (Alfa, Treo, Zor) and four-wheeler SCV (Jeeto)
The round is a mix of $20Mn in equity and $5Mn in debt. With the fresh funding, Zypp has now raised total $37.5Mn ($30Mn in equity and $7.5Mn in debt or asset leasing)
CapGrid is currently getting 5,000 different precision components manufactured through its supplier network of 300 partners and fulfilling it to the customer’s assembly line seamlessly owning delivery and quality in the process
Log9 has been a frontrunner in redefining the traditional paradigms of the Indian EV sector backed by cutting-edge innovation and to which, over 70 patents filed stand as testimony
Hero Motors will set up new R&D centers and manufacturing facilities from the raised capital to accelerate innovation in EV components and customer needs