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.