Dr Paolo Castagna, Ex Managing Director, Fiat India Invests
- The EV manufacturing startup earlier raised funds from Anand Shah, Co-Founder and Senior Advisor, Ola Electric.
- EVage, 1 st startup in India to manufacture 'Exoskeleton Structures' for EV echoes PM Modi's 'Make in India, Make for World' vision
NEW DELHI, Sept. 1, 2020 /PRNewswire/ -- Dr Paolo Castagna, Ex Managing Director, Fiat India Automobiles Pvt Ltd, has invested an undisclosed amount in mobility tech start up EVage. The mobility startup has built India's 1st 'Make in India' 'Exoskeleton Structure' that will provide a common platform for the launch of SUVs, Vans, Delivery Vehicles and Trucks and is also set to launch their 1st Electric Delivery Van.
EVage has additionally attracted investments from Prashant Singh, Ex-Paytm VP Product and Ex Founder Shifu (acquired by Paytm).
Additionally, earlier this month, EVage saw investments from veterans across industries and mobility veteran Anand Shah, Co-Founder and Senior Advisor, Ola Electric in the ongoing Pre Series A round.
"I have been interacting with EVage's team for a while and I must underline that putting a full-fledged vehicle and creating an exoskeleton structure in only 5 years is no small feat. Electric vehicles need a different kind of mindset and know-how in the manufacturing process: the team of aeronautical engineers at EVage have done incredible work in lightweighting, battery tech and using new age materials. It is the resilient drive of the team, which inspired me to join hands with them and it makes me proud to be advisng them towards leading the EV revolution in India and reduction of C02 emissions," said Dr Paolo Castagna, Ex Managing Director, Fiat India.
"A company is only as good as their team: Paolo brings with him extensive experience from the global automotive world. His experience as Managing Director, Fiat India Automobiles, serving as a member in the boards of many companies in the automotive and agricultural sectors around the world, and a deep know-how in global Finance and Treasury collected over many years, during which he covered key leadership roles in German financial institutions and investment entities will guide us in making the best decisions to fulfil our customers order in the most efficient manner," said Inderveer Singh, Founder & CEO, Evage.
"We are also excited to join hands with the tech wizard and serial entrepreneur Prashant. He will be instrumental in helping us create a data layer on top of our vehicles," Inderveer, added.
The funds for this Pre Series A round are being used to fulfil the existing customer orders.
EVage's team has spent over 5 years in the stealth mode, doing R&D towards simplifying manufacturing EVs. The team of aeronautical engineers looked at the aerospace structure for inspiration and use of bio-friendly material thus, innovationg manufacturing EVs with a material lighter and stronger than steel.
EVage additionally focused on modularity for multiple parts, making the manufacturing process cost and performance efficient. The startup has created India's 1st 'Exoskeleton Structure' and a proprietary e-platform chassis, we also spent considerable time innovating and making the Integrated powertrain from scratch.
EVage is a mobility tech start-up conceptualised in 2014 with the endeavour to disrupt the mobility industry. EVAge's first product is in the 4 wheeler commercial vehicle segment. It currently employs around 30 people at its R&D centre in Mohali, India.
For more details - www.evage.in - https://www.linkedin.com/company/evage-ventures-pvt-ltd/about/