Bangalore-based electric vehicle technology start-up, Cell Propulsion has raised $2 million (Rs 14.8 crore) (in debt and equity) in a growth round from existing investors – Endiya Partners, growX Ventures, Huddle Accelerator and Micelio – which were the key investors in the round. This is in addition to the $1 million (Rs 7 crore) it raised in the pre-Series A round in September 2020.
Founded by Nakul Kukar, Paras Kaushal and Supratim Naskar, Cell Propulsion builds and deploys electric commercial vehicles (eLCVs and eHCVs) as part of its integrated solution. At present, the start-up is said to be working on Oryx Electric (e-LCV) and Beluga Electric (e-bus) that can attain top speed of 60kph and 80kph respectively.
Nakul Kukar, co-founder & CEO, Cell Propulsion said, “We are delighted to have continued interest and support from our key investors. With the funds raised last year, as part of our Pre-Series A round, we successfully completed the certification of battery packs and eLCVs besides commissioning pilot assembly lines for the battery packs and the eLCVs. The current round has been done to meet growing demand for our solutions, expand our operations, and successfully execute our go-to-market strategy".
The funding will be utilised for deploying e-LCVs with various logistics companies for last- and middle-mile movement of cargo and also setting up its first charging station and service centre in Bangalore. Furthermore, the start-up will further deploy the funding for development of the integrated eco-system to accelerate the adoption of e-CVs. In addition to this, the company will also enable the upgradation of e-bus powertrain technology for e-trucks / e-HCVs.
Cell Propulsion claims that the technology was developed as part of the project with BMTC, making it one of the only start-ups in the country that is developing high-power, high-payload electric CVs and associated solutions.