Indian EV startup iGoWise Mobility raises $1 million
The company, which operates under the brand name iGo, specializes in electric trikes designed for urban and rural Indian markets.
Indian EV startup iGoWise Mobility (iGo) has raised INR 82 million (nearly USD 1 million). The investors include ISB Angels, 888VC and Guptaji VC, iGO said, according to a report by Indian news agency PTI.
The company, which operates under the brand name iGo, specializes in electric trikes designed for urban and rural Indian markets. iGo’s vehicle platform incorporates an anti-topple swiveling mechanism and self-balancing system. According to the company, these features enable the trikes to navigate uneven road surfaces and congested traffic conditions.
“By focusing on frugal innovation, agile engineering and a robust and indigenous supply chain, we’ve proven that India can build world-class EV solutions that create real economic value and social impact,” said Sravan K Appana, Founder & CEO of iGo.
Over the next 12-18 months, the Bengaluru-based company plans to expand in Bengaluru, Hyderabad, Pune, and Panjim.
The fresh funds will be utilized for tooling and automation to cut production costs, enhance customer experience, expand after-sales channels, drive further R&D and new variants, and boost working capital, according to a report by Entrackr.
