Homegrown brand Detel on Monday said it plans to raise Rs 150 crore by the end of this year to drive in new electric vehicles. The Gurugram-based company, which has recently unveiled an electric moped, aims to invest the funds on developing new and innovative product lines for tier 2 and tier 3 markets at the most disruptive price without compromising on quality.
With the government’s initiatives to make India self-reliant in the area of EV mobility, the company has taken a step ahead to support the government’s Make in India campaign to further propel in the EV market with 100 per cent localised EV components, the company said in a statement.
To accelerate the vision of manufacturing EV units in India, the company will be investing in creating R&D facility for the brand and also to establish a manufacturing unit in Gurugram to offer the most economical and Indianised EVs in the market, it added.
“We have always strived to cater to Indian consumers with the most economical & Indianized product line. With the rising pollution concerns in the nation, the future of the EV industry looks promising as the need for environment-friendly and cost-effective personal mobility increases,” Detel Founder Yogesh Bhatia said.
Detel has been in Indian market since 2017 with its electronics goods and consumer gadgets. In January 2020, the company entered the EV industry with a vision to facilitate Indian customers with smart EV vehicles.
