Hyderabad-based electric vehicle startup Etrio has announced that it has secured funding of $3 million in series A round from high net worth individual (HNI) investors based out of Singapore.
The investment will accelerate Etrio's venture into new electric vehicles (EVs) in three-wheelers and bicycle product lines, the company believed, adding that it aims to emphasis on customer acquisition across both the B2B and consumer segments.
The cluster of investors is led by serial investor, Janardhan Rao, founder of Triumph Global Group, a Singapore-headquartered international commodity trading house.
"With over a year of extensive work, we finally make our big transition from retrofitment to creation of new electric vehicles," Deepak MV, Co-founder and CEO, Etrio, said in a declaration.
"We will endure to progress as an EV OEM (original equipment manufacturer) conveying reliable products based on superior vehicle architecture, efficient system integration, robust design, and connected systems to drive mass adoption of EVs in India."
Etrio said it plans to launch new electric three-wheelers Touro in October and Ashva and iSwitch e-bike lines in the imminent months.
"We aim to enter the highly-dense three-wheeler EV market starting with the cargo segment aimed at e-commerce logistics space and then subsequently set up its channel network for driving both passenger and cargo three-wheeler sales across major states in the North and South India," the Etrio CEO believed.
The company strategies to use new funds to fuel its go-to-market strategy, set up sales and service networks across select cities, and employ key personnel over the next six-nine months.
