Detel aims to raise ₹150 crore by 2021-end for its EV venture
The company aims to manufacture 100% localised EV components in India.
Detel on Monday said it was aiming to raise ₹150 crore by the end of this year. Detel, a consumer electronics goods and consumer gadgets firm, had entered the EV industry in 2020.
The home-grown startup said it aims to invest the funds in developing new product lines for tier 2 and tier 3 markets at the “most disruptive price.” It will also invest in setting up an R&D facility for the brand and a manufacturing facility unit in Gurugram for its EV foray.
The announcement comes months after Detel debuted a two-wheeler TV, Detel Easy. The launched the two-wheeler for ₹19,999 (exclusive of GST). The company said the EV could go up to 60 km at full charge with ideal conditions. Recently, it launched an upgraded Detel Easy (Detel EV Plus) for the B2C segment and a Detel Easy Loader for the B2B space.
“We have always strived to cater to Indian consumers with the most economical & Indianised product line. With the rising pollution concerns in the nation, the future of the EV industry looks promising as the need for environment-friendly and cost-effective personal mobility increases,” said Detel founder Yogesh Bhatia in a release.
The EV industry in India has seen increased traction in the last couple of years. There is also backing from the governments. For instance, the Delhi government recently announced all its departments would use electronic vehicles. More than 2,000 cars will be impacted by the move, and the transition will take place over the next six months. The state government last year had introduced an Electric Vehicle Policy with incentives such as a waiver of the registration fee.
The rise in interest in the electronic vehicle space is also driven by the imminent arrival of Tesla in India. The company will also set up an R&D facility in Bengaluru.
Earlier this year, Ola announced a partnership with Seimens to build a manufacturing facility in Tamil Nadu. Ola said the manufacturing facility would help create about 10,000 jobs and begin with a capacity of 2 million units a year.