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Etrio Increases Funds for EV Product Lines

Etrio has declared the raise of USD 3 million in Series A round from HNI investors based out of Singapore. The group of investors is led by serial investor, Janardhan Rao, founder of Triumph Global Group, a Singapore head-quartered international commodity trading house with a consolidated revenue of over USD 900 MN.

ETRIOIn a bid to change the EV ecosystem, the investment will fuel the company’s foray into new electric vehicles in three wheelers and bicycle product lines. The company aims to focus on customer acquisition across both B2B and Consumer segments. Touro, Etrio`s three-wheeler brand is scheduled for market launch in October 2020. It will have two variants Touro Mini and Max across both cargo and passenger segments.

The cargo variant is currently undergoing pilots with leading e-commerce and logistics players and has already been booked for around 500 units. Stepping into the electric bicycle segment, Etrio will also introduce the Ashva and iSwitch e-bike lines in the coming months. The company plans to scale up aggressively by deploying its electric range of vehicles through a mix of sales and leasing options.

Deepak MV, Co-founder & CEO, Etrio said, “With over a year of extensive work, we finally make our big transition from retrofitment to 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. With a formidable product portfolio including new three-wheelers and bicycles, we will be well-poised to become the fastest-growing electric vehicle player for intra-city logistics in the country. With this funding, we will strengthen our product portfolio to target B2B logistics platforms for growth with diverse product offerings and more geographical presence. We aim to enter the highly-dense 3-wheeler EV market starting with the cargo segment aimed at e-commerce logistics space and then subsequently set up its channel network for driving both passenger and cargo 3-wheeler sales across major states in the North and South India. Our focus now is to deliver customer delight through the introduction of new product variants, superior after-sales service, data-driven approach and customer-centric culture”, he added.

Touro, Etrio`s three-wheeler brand is scheduled for market launch in October 2020. It will have two variants Touro Mini and Max across both cargo and passenger segments. The cargo variant is currently undergoing pilots with leading e-commerce and logistics players and has already been booked for around 500 units. Stepping into the electric bicycle segment, Etrio will also introduce the Ashva and iSwitch e-bike lines in the coming months. The company plans to scale up aggressively by deploying its electric range of vehicles through a mix of sales and leasing options. Etrio will also use this fresh principal to fuel its go-to-market strategy, set up sales & service networks across select cities, and hire key personnel over the next 6-9 months.

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Nitisha Dubey

A diligent writer, who has been working from last five years in the same field. She has covered lots of event and expo for travel & judiciary, now covering technology. Book reading, exploring different destinations and varieties of cuisine are some hobbies. Love to watch biographies and historical movies.

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