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Attron Automotive Team
Attron Automotive, a startup that provides motor and controller solutions for electric vehicles (EVs), has raised of Rs 4.75 crore in funding led by Anicut Capital, with participation from Pontaq VC, Venture Catalyst, and Yashovardhan Shah.
With this round of funding, The startup aims to support its key growth initiatives, which include setting up an assembly line, establishing a prototyping facility, expanding the team, and investing in research and development for new technologies.
Additionally, It will also focus on growing its team and establishing an assembly line with an initial capacity of 10,000 units per month, aiming to expand it to 70,000 units per month within the next five years.
The startup said that its research and development (R&D) team will work on developing new technologies to ensure that it remains competitive in the market. Furthermore, the establishment of a prototyping facility will streamline the production of samples for customers, reducing lead times and encouraging faster adoption of Attron Automotive's solutions.
Statements:
“We are thrilled to have successfully raised 4.75 crores in this fundraise, which will be instrumental in driving our expansion plans and fuelling our innovation initiatives. The involvement of Anicut Capital as investor and mentor brings valuable expertise, insights, and guidance to Attron Automotive. Their support will help the company navigate challenges, make strategic decisions, and avoid common pitfalls. This assistance has prepared us to provide an exceptional experience to our future customers and undertake significant responsibilities for larger OEM players in the industry," said, Mosam Ugemuge, Founder and CEO, Attron Automotive.
"Additionally, Anicut Capital’s extensive network will introduce us to potential customers, partners, suppliers, and other investors, opening up new opportunities for collaborations and resources. Post fundraise, we have outlined a set of milestones aimed at capturing a significant market share. We aim to acquire 10% market share in the 3 and 4-wheeler load carriers’ market within the next three years, leveraging our proprietary motor and controller E-powertrain solutions. This investment not only validates our potential but also positions us for significant growth and market leadership in the electric vehicle industry," Mosam said.
“We are excited to back Attron Automotive in their journey towards transforming the electric vehicle industry. Attron Automotive’s young and enthusiastic team, their innovative product, and the vast potential for market penetration is poised to revolutionise the Indian market. With the Niti Ayog’s EV policy aimed at reducing EV dependence on China, Attron’s proposition of an IP driven Made in India electric motor will further give them the required market impetus to excel.”, said Ashvin Chadha, Managing Partner, Anicut Capital.
Attron said it intends to target original equipment manufacturers (OEMs) who are looking to shift from Chinese powertrain components to domestically manufactured solutions.
It will also collaborate with other EV component OEMs, including battery, BMS, DC-DC Converter, and VCU manufacturers, to provide comprehensive EV solutions for retrofitting and new product development.
Attron Automotive claims that it has developed a proprietary motor topology that achieves motor efficiency exceeding 97%. "Our pre-integrated motor controller solutions are suitable for various low voltage and high voltage applications, including automotive, defense, aviation, and agricultur," the startup said in a statement.
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