Indian Angel Network invests in Electric Vehicle Start-up Strom Motors
Mumbai based electric-vehicle start-up, StromMotors (E14 Technologies Pvt Ltd), has secured an undisclosed round of angel funding from Indian Angel Network, a horizontal seed stage funding platform.
Earlier this year, the company unveiled Strom-R3, an all-electric urban mobility solution. Strom Motors will be utilizing the funds to set up its assembly plant in Mumbai for Strom-R3 which has already received over 100 pre-orders from the Maharashtra region. It also plans to invest in product sales to accelerate its geographical expansion and increase its consumer base.
The company is focussing on optimising the drive dynamics of the car, in-car tech and IOT based vehicle diagnostics for condition based maintenance (rather than time-based).
Strom-R3 is an air-conditioned, two-seater reverse-trike with a compact design and a high torque electric drive-train. It has been designed for densely populated cities like Mumbai, Delhi and Bangalore.
The company recently tied up with what3words, a UK based geo-addressing, to optimise GPS mapping and navigation accuracy in complex road infrastructure conditions. The company has also entered into partnerships with automotive suppliers and experts to streamline manufacturing and ensure faster electric automobile delivery to its customers.
Neeraj Garg, Sanjay Bhasin and Anirudh Agarwal led the funding round and will now be strategic members on the company’s board. The company was founded in 2011, by Pratik Gupta (Founder & CEO), Jean-Luc Abaziou(co-Founder, Strategy Advisor) and Dr. Gilmer Blankenship(co-Founder, Technical Advisor).
““We are enthralled to be a part of IAN’s funded gamut of startups. We are looking forward to leveraging the expertise and in-depth industry knowledge of IAN members to bring significant developments in the company. Sustainable personal mobility solution in India is still in its nascent stages and there is huge opportunity for electric vehicle segment to grow in the coming years. Our efforts are not only to bring substantial innovation in the EV space, but also solve some of the key challenges faced by the country today such as road congestion and air pollution. The investment will help us to strengthen our roots in India and obtain homologation and begin deliveries of Strom-R3,” said Pratik Gupta, Founder & CEO at Strom Motors.
“It is our responsibility towards future generations to reduce carbon emissions originating from excessive use of fossil fuels. Adoption of electric vehicles combined with shifting our energy generation portfolio towards renewable sources is the way to go. In India, Electric Vehicle adoption will grow significantly in next five years. Adoption will depend if car manufacturers are able to offer products that cater to uniquely Indian set of requirements — road conditions, consumer taste, affordability and commute patterns among others. We strongly believe that entrepreneurial eco-system in India must support a domestic manufacturer of EV that offers solutions that match with requirements of Indian consumers. Strom Motors’ offering does precisely that and IAN is very excited to be part of this initiative,” said a joint statement by the three investors.
According to industry research, electric mobility is projected to become a multi-billion dollar industry. It is estimated that EVs will overtake sales of petrol cars by 2030. According to the Society of Manufacturers of Electric Vehicles (SMEV), EV sales stood at around 56,000 units in FY 17–18 as against about 25,000 units in 2016–17.
