Naveen Kumar Amar, former CFO at SpiceXpress, is set to join Tsuyo Manufacturing as Senior Vice President – Finance, according to people aware of the development.
Amar has over two decades of experience in corporate finance, including roles across controllership, P&L management and fundraising. His previous roles include leadership positions at Munchado India, MSD Wellcome Trust Hilleman Laboratories, and EDirect Pty Ltd.
The development comes as Tsuyo expands its operations. The company recently received approval from the Karnataka government to set up a 20-acre EV powertrain manufacturing and validation facility in Hubli-Dharwad, with an investment of ₹250 crore.
In 2025, Tsuyo also raised $4.5 million in a funding round led by Avaana Capital. The company has indicated plans to raise up to $20 million more to support expansion and entry into larger vehicle segments.
Tsuyo launched a new range of electric motor and powertrain technologies for three-wheelers and light commercial vehicles in February 2026.
The company has not officially confirmed Amar’s appointment.