Indian EV Startup EVage raises $28mn from RedBlue Capital

Indian startup EVage has raised $28 million from a US-based venture capital firm RedBlue Capital. The startup which develops electric delivery vans for e-commerce and logistics companies including Amazon is the first startup to create an electric van in India from the ground up. The Indian EV market has been on a shooting stage, Amazon aims to have 10,000 electric vehicles for deliveries by 2025 while Walmart’s Flipkart aims to have 25,000 EVs by 2030.
“The electric vehicle market in India will boom with this shift in the movement of goods, and electrifying this segment will be a big opportunity. Compared with the West, India, and markets like Southeast Asia, Africa, and Latin America have unique demands in terms of the price and capacity of the vehicle, road conditions and weather.” said Olaf Sakkers, General Partner, RedBlue Capital. Sakkers also added that one can see EVage as more of Rivian and Arrival for developing markets.