Tirex Transmission raises growth funding of $1 million

ISN Webteam
20 Oct 2022
Tirex Transmission raises growth funding of $1 million

Shrikant Goyal, Co-Founding Member and Managing Partner, GetFive

EV charger manufacturing company Tirex Transmission announced the infusion of another $1 million from an ultra-HNI investor to energize its R&D and scale up operations.

Assisted by their able financial investment firm GETFIVE, Tirex Transmission said it was able to secure the additional funding, in under four months, to power its aggressive expansion plans in response to the market demand.

Started in 2017 in Ahmedabad, led by Sanskar Patel, Tirex is all charged to retain its leadership position in the EV Charger domain. One of the pioneers in the EV Charger Industry for DC fast chargers.

With its skilled team of Engineers, cloud-based CMS (charger management system), and a fully equipped R&D facility, Tirex Transmission said it supplies DC chargers for government, Private & MNC companies.

The company offers global standard EV Chargers (AC and DC chargers) and EV Charging management solutions to meet India's focus on controlling carbon emissions and air pollutants.

Tirex Transmission Private Limited had previously raised $ 2 million in a seed funding round to fuel its growth capital.

GetFive Corporate Advisors LLP, an Ahmedabad-based boutique Investment Banking and M&A Transaction Advisory firm with fundraising expertise, was able to find the right investor and bring the deal to closure in record time, delivering on their crucial value of customer delight.

This additional funding of $ 1 million will enable the company to embark on its growth trajectory, which, at worst, will be 6-7 times the topline growth of the previous financial year.

An elated Sanskar Patel, Founder and MD of Tirex Transmission Private Limited, said, "GetFive once again lived up to the promise of reliable advisors. Not only are they excellent in finding us the right investors, but their invaluable guidance on various financial aspects of the business has made them more of an extended team rather than advisors."

"We have been working Mr Sanskar Patel and his team. It is exciting to be working with a highly charged-up team focused on bringing value to the EV industry. The quick turnaround would not have been possible without Sanskar Bhai and the team's support and quick decision-making.", said Shrikant Goyal, Co-Founding Member and Managing Partner, GetFive Corporate Advisors LLP.

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