EV startup Vegh raises US$ 5 million in pre-series funding

In the first phase of its expansion strategy, the company aims to penetrate into 12 states with a robust sales and service network.

Autocar Professional BureauBy Autocar Professional Bureau calendar 05 Jul 2023 Views icon3686 Views Share - Share to Facebook Share to Twitter Share to LinkedIn Share to Whatsapp
EV startup Vegh raises US$ 5 million in pre-series funding

EV startup Vegh has secured US$ 5 million in pre-series funding, as a part of the company’s ongoing US$ 50 million pre-series funding round.

The latest funding from an undisclosed investor will be used for the company’s working capital needs, sales, distribution network, and the expansion of its manufacturing capabilities for EV parts. Funds will also be deployed for R&D initiatives.

The company has a state-of-the-art manufacturing facility in Bathinda, Punjab, which also serves as its research and development hub and has a production capacity of 60,000 units per year. Vegh aims to scale its operations to three times its current capacity, to meet the growing demand, it said in an official press release.

"The funds will be instrumental in driving Vegh's expansion plans and strengthening our sales and service network," said Sumeet Gupta, Founder and Managing Director, Vegh.

“We are committed to our Make in India vision and are excited about the future of electric mobility. "In the first phase of its expansion strategy, we aim to expand to 12 states with a robust sales and service network,” said Pragya Goyal, Co-founder and CEO, Vegh.

The company has outlined its strategic plan to strengthen sales infrastructure nationwide while also expanding the production capacity of the Vegh S60, in addition to introducing two high-speed scooter models in the coming months.

RELATED ARTICLES
SKF India Shareholders Approve Demerger Plan

auther Arunima Pal calendar14 Jul 2025

By separating industrial operations into a distinct legal entity, SKF India expects to drive improved efficiency, it sai...

Permanent Magnets Ltd Sees 22% Drop in FY25 Profit Despite Revenue Growth

auther Arunima Pal calendar14 Jul 2025

The company is facing headwinds in the Electric Vehicle and domestic smart meter segments.

G.G. Automotive Gears Q1 Profit More Than Doubles in Q1FY26

auther Arunima Pal calendar14 Jul 2025

The company's board also approved issuing 4.90 lakh equity shares after converting an equal number of warrants.