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EV Startup Vegh Raises $5 Million in Pre-Series Round
EV startup Vegh, announced today that it has successfully secured $5 million in a strategic pre-series round of investment.
New Delhi: EV startup Vegh, announced today that it has successfully secured $5 million in a strategic pre-series round of investment. The funding comes from an undisclosed investor and marks a significant milestone in Vegh's ongoing $50 million pre-series fundraising round.
The funds will be primarily utilized to bolster the company's working capital needs, including the creation of a robust sales and distribution network, the expansion of its manufacturing capabilities for EV parts, and further investment in research and development (R&D) initiatives.
Founded in 2021 by Sumeet Gupta, Pragya Goyal, Kamalchand Bothra, Ashkaran Bothra and Namrata Gupta, Vegh, driven by its mission to create a sustainable mobility ecosystem, is actively pursuing an ambitious expansion strategy and strives to become a dominant player in the electric vehicle (EV) industry. The company already boasts a state-of-the-art manufacturing facility in Bathinda, Punjab, which also serves as its research and development hub and has a production capacity of 60,000 units per year. However, the company has set its sights on scaling up its operations to Three Times the current capacity to meet the growing demand and seize business opportunities.
"We are thrilled to secure this investment in our pre-series round, which reflects the confidence and support we have garnered from our investors. The funds will be instrumental in driving Vegh's expansion plans, strengthening our sales and service network, and establishing Vegh as a leading EV brand in India," said Sumeet Gupta, Founder and Managing Director.
We are committed to our Make in India vision and are excited about the future of electric mobility. "In the first phase of its expansion strategy, we aim to penetrate to 12 states with a robust sales and service network,” said, Pragya Goyal, Co-Founder and CEO, Vegh
The company has outlined its strategic plan to strengthen sales infrastructure nationwide while also expanding the production capacity of its renowned electric scooter series, the Vegh S60, in addition to introducing two highly anticipated high-speed scooter models in the coming months.
Vegh has been gaining significant traction in the EV market due to its commitment to innovation, quality, and sustainable transportation solutions. The company's electric scooters have garnered praise for their performance, safety, design, and eco-friendly attributes.
