The fund will also be used for further development of the integrated eco-system to accelerate the adoption of eCVs
Bengaluru-based electric mobility startup Cell Propulsion announced that it has raised USD 2 million (debt + equity funding) in a growth round from existing investors.
Key investors in this round included Endiya Partners, growX Ventures, Huddle Accelerator and Micelio.
In September 2020, the company had raised about USD 1 million as part of its Pre-series A round.
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.”
He further added that they plan to continue their work towards transforming the commercial vehicles segment to become connected, electric and smart.
Founded by Nakul Kukar, Paras Kaushal and Supratim Naskar, Cell Propulsion builds and deploys electric commercial vehicles (eLCVs and eHCVs) as part of its integrated solution.
The funding comes as 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.
In addition to this, the company will also enable the upgradation of eBus powertrain technology for eTrucks and eHCVs.
As per Cell Propulsion, 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.
