Hyderabad, India-based electric vehicle manufacturer E-Trio on Tuesday, 29 September 2020, raised $3 million in a Series A funding round from various HNIs (high networth individuals) from Singapore, which includes Janardhan Rao, founder of Triumph Global Group; a Singapore-headquartered international commodity trading house with a consolidated revenue of over $900 million.
The company will utilise the fresh funds to tap into electric three-wheelers and bicycles. E-Trio’s three-wheeler brand ‘Touro’ is projected to launch in October 2020 with two variants ‘Touro Mini’ and ‘Touro Max’, across both cargo and passenger segments. The cargo variant is currently undergoing pilots with leading e-commerce and logistics players and has already been booked for around 500 units. While the new bicycle segment of E-Trio will introduce Ashva and iSwitch in the coming months.
Speaking of the development for E-Trio, Deepak MV, Co-Founder & CEO, Etrio, in a statement, said,
“With over a year of extensive work, we finally make our big transition from retro-fitment to creation of new electric vehicles. We will continue to evolve as an EV OEM, bringing reliable products based on superior vehicle architecture, efficient system integration, robust design, and connected systems to drive mass adoption of EVs in India.”
E-Trio has also recently launched e-LCV, an electric truck range that has presence in five cities in India. The company has dedicated vehicle manufacturing and assembly unit spread across 20,000 square feet at Hyderabad, and is in the process of achieving 100 per cent localisation of the supply chain by end FY21.
Etrio has gained the trust of e-commerce and logistics players Amazon, Flipkart, Big Basket, Ikea, and LetsTransport, among others. Its recently launched e-LCV electric truck has presence in five cities.