EV startup Vegh raises $5M from an undisclosed investor

Vegh, a startup specializing in electric vehicles (EVs), has raised $5 million in a strategic pre-Series funding round led by an undisclosed investor.

According to the startup, The funds raised will primarily be used to enhance its working capital, including the establishment of a robust sales and distribution network, expansion of manufacturing capabilities for EV parts, and increased investment in research and development (R&D) initiatives.

"We are thrilled to secure this investment in our pre-series round, which reflects the confidence and support we have garnered from our investors. The funds will be instrumental in driving Vegh's expansion plans, strengthening our sales and service network, and establishing Vegh as an EV brand in India," said Sumeet Gupta, founder and managing director.

Founded in 2021 by Sumeet Gupta, Pragya Goyal, Kamalchand Bothra, Ashkaran Bothra, and Namrata Gupta, Vegh said it aims to be a dedicated player in creating a sustainable mobility ecosystem in the country.

With a clear vision in mind, Vegh has outlined its strategic plan to strengthen its nationwide sales infrastructure. Additionally, the company aims to expand the production capacity of its renowned electric scooter series, the Vegh S60, while eagerly anticipating the introduction of two highly anticipated high-speed scooter models in the near future. Vegh attributes its success in the EV market to its unwavering commitment to innovation, quality, and sustainable transportation solutions.

"We are committed to our Make in India vision and are excited about the future of electric mobility. In the first phase of its expansion strategy, we aim to penetrate to 12 states with robust sales and service networks," said Pragya Goyal, co-founder and CEO of Vegh.

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