Attron Automotive, a precision-engineered motor and controller solutions firm, has secured Rs 4.75 crore in seed funding, led by Venture Catalysts and Anicut Capital, which it will use for technological advancements and innovation.
Pontaq VC, and Yashovardhan Shah (Angel investor) also participated in the seed round.
The global EV motor controller market, valued at USD 7,730.9 million in 2021, is projected to reach USD 26,879.75 million by 2031, the press release noted.
"The success of our recent fundraising efforts will play a pivotal role in propelling Attron Automotive forward. We've utilised the investment to establish a production facility capable of small batch production, catering to our initial demand with a capacity of up to 100 units per month," said Mosam Ugemuge, CEO, Attron Automotive.