Strom Motors secures angel funding from IAN
Mumbai-based electric vehicle startup Strom Motors has now raised an undisclosed amount in the funding round of seed from some of the leading investor which includes the Indian Angel Network (IAN). The round was led by IAN members which includes the Neeraj Garg, Sanjay Bhasin and Anirudh Agarwal, who will also be strategic members to the company’s board.
The funds raised will be used to strengthen its leadership position in the smart mobility market, boosting product sales, accelerating its geographical expansion, along with increasing consumer base across markets.
Strom Motors, operated by E14 Technologies, was founded by Pratik Gupta, Jean-Luc Abaziou, and Dr Gimer Blankenship in 2011. The startup aims to create clean and smart mobility solutions through sustainable automobile technology.
Talking about the investment, Pratik Gupta, CEO at Strom Motors said, “We are looking forward to leveraging the expertise and in-depth industry knowledge of IAN members to bring significant developments in the company. Sustainable personal mobility solution in the India is still in its stages for the nascent and there is huge opportunity for electric vehicle segment to grow in the coming years.”
He also added some of the few things, “Our efforts are not only to bring substantial innovation in the EV space, but also solve some of the key challenges faced by the country today such as road congestion and air pollution. “
Earlier this year, Strom Motors unveiled its smart electric car StromR3. The startup claims to have already received over 100 pre-orders for its electric car from the Maharashtra region.
Strom Motors has also tied up with what3words, a geo-addressing company based in the UK, to optimise GPS mapping and bring accuracy to navigation in a complex road infrastructure like India. Other players in the electric mobility space include Ather Energy, Ultraviolette Automotive, and Greaves Cotton, among others.
With the electric mobility space expected to be a multi-billion dollar industry and Indian government pushing towards sustainable solutions, more Indian startups are expected to drive the transition from fossil fuel-propelled vehicles to clean fuel driven vehicles.