Ashnni Motors, an electric vehicle startup, raised $ 244,000 in the pre-seed round of funding from WealthTrust Capital Services. Sneha Jain, Pushpak Ranka, Alisha Poonawalla Menezes, and Dawson Menezes are some of the investors from WealthTrust who participated in the round of funding. Subodh Karunasagar and Vishal Mali founded the company in 2017 in Pune. The company aims to design and manufacture intelligent and purpose-built EV fleets.
In 2021, Ashnni Motors received a product development grant. This was from the Government of India’s Department of Science and Technology. It was also a part of the Climate Collective accelerator program.
What the CEO of Ashnni Motors said
The CEO of Ashnni Motors, Vishal Mali, said that they plan to go beyond the micro-mobility aspect with their solution. This is with a more decentralized approach by serving individual business requirements. He further said that any small or big business can now create its electric vehicle fleet according to specific needs for last-mile delivery purposes or daily utility needs. Their vehicles and batteries are reliable and can perform under extreme conditions.
Co-founder Subodh Karunasagar said that they have spent a good amount of time designing, testing, and building every system in their vehicles.
Ashnni Motors started its operations from Chakan, Pune, in January 2023. Nitin Gadkari (Union Minister) inaugurated it last year.
Today, India is ready for electric vehicle manufacturing as one of the largest markets globally. However, because of slow domestic takeup, fewer Indian companies will likely have a global share of electric vehicles in the future. This is according to a report by S&P Global Ratings. Asia shall remain the world’s largest producer and market for electric vehicles, electric vehicle batteries, and electric vehicle battery materials. It said The continent will soon be at the centre of the electric vehicles era.
What is an electric vehicle?
An electric vehicle uses electric motors for propulsion. A collector system, with electricity from extra-vehicular sources, powers it. A battery can also power it. Solar panels sometimes charge it. It can be charged by converting fuel to electricity using fuel cells or a generator.
Electric vehicles were 1st started in the late nineteenth century. This was when electricity was among some of the preferred methods for motor vehicle propulsion. This provided a level of comfort and ease of operation.