The Bengaluru based startup, Entuple e-mobility (1), is planning to raise over 3 to 3.5 million USD or 22 to 25 crore INR equity capital. The firm will utilize the funds to set up its 150,000 unit annual capacity electric powertrain manufacturing plant. The Entuple Chief Executive, Rakesh Mishra, told in a report that the company is also looking to make fast chargers for EV by 2021.
The new manufacturing facility located in Bengaluru seems to manufacture five types of two-wheelers hub-mounted motors and controllers. The firm is also looking to upgrade its existing plant manufacturing frame-mounted motors. The upgrade will ramp its capacity up from 6,000 powertrains to 96,000 units a year.
Entuple to Take Risks in EV Business Despite the Low Demands
Entuple is already in talks with more than 30 EV firms, including large automakers, startups, specialty vehicle makers, and system integrators, added Mishra. He stated that all manufacturers of electric vehicles require a reliable local supplier. The demand may not be higher now, but the company is risking it. He added that it would not be possible for startups to enter as established businesses will also join in the space when the market goes up.
Entuple is an EV drive-trains and charging infrastructure manufacturing startup. It focuses on bringing together the relevant team and technologies from Entuple Technologies Pvt Ltd and other EV startups under one roof. The firm sells its products to OEMs. As per the startup’s claim, it already has two orders. It provides solutions to Cadence, Ansys, Orcad, MITS, Wavect, and DFR Solutions.
The Government of India actively focusing on the adaptation of EVs in India. By 2025, the size of the electronic vehicle market is the country is likely to reach 707 million USD. Entuple has raised over 400 million USD from 2014 to 2019. By 2030, there will be over 20 to 30% adoption in the segment, say experts.