Etrio, an EV technology, and product startup have raised $3 million from a set of HNI investors in Singapore. The company will drive customer acquisition, customer retention, product development, and sales through this fundraising.
The Hyderabad-based startup’s funding round was led by serial investor Janardhan Rao, Founder of Triumph Global Group – a Singapore-headquartered international commodity trading house with a consolidated revenue of over $900 million.
The startup launched in 2017, the startup is working with eCommerce and logistics players including Amazon, Flipkart, Big Basket, IKEA, and LetsTransport.
Deepak MV, Co-founder, and CEO, Etrio, said, “After over a year of extensive work, we finally make our big transition from retro fitment (sic) to the creation of new electric vehicles. We will continue to evolve as an EV OEM, bringing reliable products based on superior vehicle architecture, efficient system integration, robust design, and connected systems to drive mass adoption of EVs in India.”
Etrio’s products will also focus on B2B logistics platforms. The founder says that they will also launch a three-wheeler EV soon.
The company has a manufacturing and assembly set up and spread across 20,000 sq ft at Hyderabad, and is in the process of achieving 100 percent localization of the supply chain.