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Sunday, May 28, 2023

EV startup Ashnni Motors secures Rs 2 crore in funding

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Pune-based electric vehicle (EV) startup, Ashnni Motors, has successfully secured a pre-seed funding round of $244,000 (Rs 2 crore) from WealthTrust Capital Services. WealthTrust’s recent funding round saw the participation of several prominent investors, including Pushpak Ranka, Dawson Menezes, Sneha Jain, and Alisha Poonawalla Menezes.

These individuals have emerged as key players in the investment landscape and their involvement in this round is expected to have a significant impact on the company’s growth trajectory.

The startup has announced its intention to utilize the funds to produce the initial batch of first-generation vehicles and to establish an in-house production line for Li-ion battery packs.

Ashnni Motors, a company founded in 2017 by Vishal Mali and Subodh Karunasagar and incubated under the Science and Technology Park in Pune, is making waves in the electric vehicle industry. The company’s mission is to design, engineer, and manufacture intelligent, purpose-built EV fleets.

The startup was recently awarded a product development grant by the Department of Science and Technology, Government of India (DST) and was selected to participate in the Climate Collective accelerator programme in 2021.

According to Vishal Mali, Co-founder and CEO of Ashnni Motors, their solution aims to expand beyond micro-mobility and adopt a more decentralized approach to cater to individual business requirements. Small and large businesses alike will now have the opportunity to customize their own electric vehicle fleet for last-mile delivery or daily utility purposes.

According to the company, their vehicles and batteries are known for their exceptional reliability and ability to operate in even the most challenging environments.

There is no information provided to rewrite in a journalistic style. Please provide more context or details. The company has successfully concluded a pilot program spanning 100,000 kilometers with last-mile delivery firms, local distributors, and shop owners.

After dedicating a considerable amount of time, we have meticulously crafted, constructed, and evaluated every system integrated into our automobiles. According to Subodh Karunasagar, Co-founder and CTO of Ashnni Motors, the company’s product and technology platform has matured significantly as a result of extensive pilot testing with customers. Karunasagar attributes this progress to the direct feedback loop provided by end users.

In January 2023, the company commenced operations from its recently constructed facility located in Chakan, Pune. The inauguration of the facility was carried out by Union Minister Nitin Gadkari in the previous year.

According to Mali, the first-generation vehicles will be shipped from the company’s new facility to early customers who have been part of the pilot and eagerly waiting by August of this year.

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