Cell Propulsion funding
Mobility and EV technology startup, Cell Propulsion said in a statement that it has raised $2 million from existing investors.
The latest funds have been raised to expand operations, meet the increasing demand for its solutions as well as accomplish the company’s ‘go-to-market strategy,’ apart from the development of the integrated ecosystem to boost the adoption of eCVs.
“Cell Propulsion recently raised funding of $2 million in both debt and equity in a growth round from existing investors. Endiya Partners, growX Ventures, Huddle Accelerator, and Micelio were the key investors in this round,” the startup said.
The funding comes after a $1 million capital infusion in its pre-series A round in September 2020, it said, adding, this takes the cumulative funds raised by the startup to around $4 million.
Established by Nakul Kukar, Paras Kaushal, and Supratim Naskar, Cell Propulsion develops and deploys electric light commercial and heavy commercial vehicles (eLCVs and eHCVs) as part of its integrated solution.
Nakul Kukar, Co-founder and CEO of Cell Propulsion said, “We are delighted to have continued interest & support from our key investors. The current round has been done to meet the growing demand for our solutions, expand our operations, and successfully execute our go-to-market strategy.”
With the funds raised last year, the company finished the certification of battery packs and eLCVs, apart from commissioning pilot assembly lines, he added.
The startup will also utilize the funds for further expansion of the integrated ecosystem to boost the adoption of eCVs. Besides this, the company will also allow the up-gradation of eBus powertrain technology for e-trucks and eHCVs.
This technology was developed as part of the project with Bangalore Metropolitan Transport Corporation (BMTC), making Cell Propulsion one of the only startups in the country developing high power, high payload electric CVs and associated solutions, said the release.
The funding arrives at a time when the company started deploying eLCVs with several logistics firms for the last and middle-mile transportation of cargo while establishing its first charging station and service center in Bengaluru, it stated.
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