Indian Angel Network backs Mumbai based Electric Vehicle Start-up Strom Motors

Mumbai/New Delhi, September 27, 2018: Been recognized as one of the most innovative Electric Vehicle manufacturer in the country, Mumbai based smart mobility start-up, StromMotors(E14 Technologies Pvt Ltd), has secured angel funding from Indian Angel Network, the largest horizontal seed stage funding platform. Leading the funding round, who will also be a strategic member to the company’s board are IAN members Neeraj Garg, Sanjay Bhasin and Anirudh Agarwal. The investment will help Strom Motors to consolidate its leadership position in the technology-enabled mobility industry, setting up product sales, accelerate its geographical expansion and increase its consumer base across markets.

Founded in the year 2011, by Pratik Gupta (Founder & CEO), Jean-Luc Abaziou(co-Founder, Strategy Advisor) and Dr. Gilmer Blankenship(co-Founder, Technical Advisor), Strom Motors aims to redefine urban mobility and re-invent India’s personal transportation through its smart electric car. Earlier this year, the company unveiled Strom-R3, an all-electric urban mobility solution which addresses the pain points of the country’s mobility architecture and brings a new approach to safety, sustainability and driving experience. Strom-R3 is a fully air-conditioned, two-seater reverse trike with a compact design, premium interiors and a high torque electric drive-train that has been designed to be a perfect vehicle for densly populated  cities like Mumbai, Delhi and Bengaluru.

Strom Motors will also be utilizing the funds to set up its assembly plant in Mumbai for Strom-R3 which has already received over 100 pre-orders from the Maharashtra region.

According to industry research, electric mobility is projected to become a multi-billion dollar industry. It is estimated that EVs will overtake sales of petrol cars by 2030. Strom-R3 is designed as a mobility solution for city dwellers, and with 60% to 70% passenger cars sold in urban towns and cities, the company expects high rate of consumer adoption. One of the key focus areas of the start-up is to optimize the drive dynamics of the car, in-car tech and IOT based vehicle diagnostics for condition based maintenance rather than time based.  

Mr. Pratik Gupta, Founder & CEO at Strom Motors said, “We are enthralled to be a part of IAN’s funded gamut of startups. 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 India is still in its nascent stages and there is huge opportunity for electric vehicle segment to grow in the coming years. 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. The investment will help us to strengthen our roots in India and obtain homologation and begin deliveries of Strom-R3.”

Commenting on the announcement, Lead investors Neeraj Garg, Sanjay Bhasin and Anirudh Agarwal said “It is our responsibility towards future generations to reduce carbon emissions originating from excessive use of fossil fuels. Adoption of electric vehicles combined with shifting our energy generation portfolio towards renewable sources is the way to go. In India, Electric Vehicle adoption will grow significantly in next five years. Adoption will depend if car manufacturers are able to offer products that cater to uniquely Indian set of requirements – road conditions, consumer taste, affordability and commute patterns among others. We strongly believe that entrepreneurial eco-system in India must support a domestic manufacturer of EV that offers solutions that match with requirements of Indian consumers. Strom Motors’ offering does precisely that and IAN is very excited to be part of this initiative.”

Strom Motors has recently tied up with what3words, one of the most innovative geo-addressing company based out of UK, to optimize GPS mapping and bring accuracy to navigation in a complex road infrastructure such as India. The start-up has also forged strategic partnerships with some of the leading automotive suppliers and experts to streamline manufacturing and ensure faster electric automobile delivery to its customers.  

In India, electric vehicles are projected to undergo explosive growth in the coming years. As per a data brought out by Society of Manufacturers of Electric Vehicles (SMEV), EV sales stood at around 56,000 units in FY 17-18 as against about 25,000 units in 2016-17. There have also been several positive moves being brought out by the government to create a stable policy framework for electric and alternate fuel powered vehicles, which will further impact the country’s economic growth and promote ease of living. Several PSUs and private organizations have also volunteered in setting up charging stations for EVs in some of the key cities in country. These developments will further catapult the growth of EV industry, making India a pioneer in electric mobility space.

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