Etrio, an electric vehicle retro fitment kit maker announced that it has raised $3 million in its Series A funding round from a group of HNIs. The funding will be used to diversify its business into making electric three-wheelers and e-bicycles.
The company has been working on electrification kits for Maruti Suzuki’s Alto and Dzire, but has now turned its attention to the business-to-business market with its electrification kit for the Tata Ace light commercial vehicle.
Etrio provides homologated electric LCVs to ecommerce and logistics firms that help them in last-mile delivery. The company claims to have orders for more than 1,250 units, primarily from ecommerce and logistics firms.
“E-commerce companies are very committed to electrification of their fleets. It’s not just for the green credentials, but the cost of diesel has gone up and the cost of diesel vehicles has also gone up because of BS6 norms. So they’re looking at EVs for their cost benefits,” said Deepak MV, cofounder and CEO at Etrio.
Etrio will use the funding for developing and manufacturing retrofitment kits for LCVs. Also, the company is looking to build its own brand of three-wheelers and electric cycles within the next 6-9 months.
“We will use this capital to get over 1,000 EVs on the roads, so ramping up production, introducing variants, hiring and scaling,” added Deepak MV.
Etrio also offers vehicle tracking and management solutions to B2B buyers, which it says will take its role beyond traditional OEMs that only look at sales and after-sales service.
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