Cellestial E-Mobility Amasses INR 1.37 crore in Angle Round of Funding
Indian e-vehicle startup, Cellestial E-Mobility Pvt. Ltd. has obtained INR 1.37 crore funds in an angel funding round, according to a media report.
It raised the funding from Singapore-based non-resident Indian Meka Sudhakar Reddy, the company said in its statement, as reported by the daily news, VC Circle.
The company is developing electric tractors with long battery life. It can be used for multiple purposes, including horticultural and greenhouse-related jobs, and moving goods within factories and airports, Founder of Cellestial, Siddhartha Durairajan told the daily news.
The e-vehicle company proclaims to have the capacity to produce 100 heavy vehicles and can produce more if the products demand increases.
The EV segment is nowadays gathering attention owing to the engagement of startups and corporate houses.
Earlier in July, the Indian ride-hailing company, Olas EV arm amassed INR 1,725 crore from the Japanese investment company, SoftBank in Series B round. In the round, the Ola Electric Mobility Pvt. Ltd. was valued at $ 1 billion.
In Union Budget, the Indian government also proclaimed initiatives aiming at upholding EV segment. The Finance Minister, Nirmala Sitharaman had said that the government will provide an IT deduction of INR 1.5 lakh on the interest paid on loans taken to procure electric vehicles. Further, the government will reduce custom duty on certain segments, as reported by the daily news.
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