The Indian subsidiary of EV startup Clean Motion has raised $1 million in its funding round. This seed  funding round was led by India accelerator-backed Venture Capital firm, Finvolve. The India arm of  Clean Motion also plans to secure $3 million to $5 million in its pre-series round. This EV maker offers  electric Vehicles and services for last-mile deliveries. 

Some existing and new investors participated in the funding round. The startup plans to use these  fresh proceeds to scale up its operations and expand its network across the country. Clean Motion will  be utilizing some portion of this fund to set up a manufacturing hub in Pune for a three-wheeler  passenger, Zbee. The startup plans to establish EV charging stations across the country. The startup  mentioned that this funding will help them scale up operations and strengthen their position in the  global urban EV market.  

The CRO and co-founder of Finvlove, Ashish Bhatia highlighted that this is the strategic investment of  Finvolve in the EV sector and this collaboration will bring favourable market shiftsin the manufacturing environment leading to the growth of clean India with a significant change in the global EV market.  The startup manufactures Electric Vehicles and offers EV components. The flagship of the company  consists of a three-wheeler EV known as Zbee that has a single charge for 50 km. 

The startup will offer EV solutions, to connect locations including metro stations, colleges, malls, and  offices. The amount raised during this round will be used to develop more efficient EV solutions for  market expansion, scaling up operations, and technical advancement to increase the performance  capability of the platform. The Indian subsidiary of the firm will focus on first and last-mile services.  The Indian EV market is growing rapidly and is predicted to reach $266 billion by 2030.  

Conclusion: 

Clean Motion’s Indian subsidiary under a Swedish EV manufacturing startup closed its seed funding  round. The startup has raised a $1 million fund in a round led by VC firm Finvolve. The round had  participation from several new and existing investors. The company plans to use the fund to increase its network, meet market demand, and scale up to meet working capital requirements. The India arm  of Clean Motion also plans to secure $3 million to $5 million in its pre-series round. This EV maker  offers electric Vehicles and services for last-mile deliveries. Clean Motion will be utilizing some portion  of this fund to set up a manufacturing hub in Pune for a three-wheeler passenger, Zbee. The strategic investment of Finvolve in the EV sector and this collaboration will bring favourable market shifts in the  manufacturing environment leading to the growth of clean India with a significant change in the global  EV market. The startup plans to establish EV charging stations across the country. The startup  mentioned that this funding will help them scale up operations and strengthen their position in the  global urban EV market.