Electric vehicle start-up Strom Motors announced that it has secured an angel funding from Indian Angel Network.
Mumbai-based smart urban mobility start-up Strom Motors (E14 Technologies Pvt Ltd) has secured an undisclosed amount of angel funding from Indian Angel Network (IAN), a horizontal seed-stage funding platform.
According to the company statement, IAN members Neeraj Garg, Sanjay Bhasin, and Anirudh Agarwal, will also be strategic members of the Strom Motors’ board.
The investment will help Strom Motors to consolidate its leadership position in the technology-enabled urban mobility industry, improve product sales, expansion and increase its consumer base across markets.
Founded in 2011 by Pratik Gupta, Jean-Luc Abaziou, and Dr Gilmer Blankenship, Strom Motors aims to redefine urban mobility and re-invent India’s personal transportation through its smart electric car.
One of the key focus areas of the start up is to optimise the drive dynamics of the car, in-car tech, and Internet of Things (IoT)-based vehicle diagnostics for condition-based maintenance of vehicles.
Pratik Gupta, founder and CEO, Strom Motors, said, “We are enthralled to be a part of IAN’s funded gamut of start ups. We are looking forward to leveraging the expertise and in-depth industry knowledge of IAN members to bring significant developments in the company.”
Strom-S3: The Flagship Product
In April this year, the company launched Strom-R3, an all-electric urban mobility solution which claims to address the major pain points of the country’s mobility architecture and approach to safety, sustainability and driving experience.
Strom-R3 is a fully air-conditioned, two-seater reverse trike with a compact design and a high torque electric drive-train that has been designed to be a perfect vehicle for the densely populated cities like Mumbai, Delhi and Bengaluru.
Strom Motors will also utilise the funds to set up an assembly plant in Mumbai for Strom-R3 which has already received over 100 pre-orders from the Maharashtra.
“Our efforts are not only to bring substantial innovation in the electric vehicles space, but also solve some of the key challenges faced by the country today such as road congestion and air pollution. The investment will help us to strengthen our roots in India and obtain homologation and begin deliveries of Strom-R3,” Pratik added.
Strom Motors has recently tied up with what3words, a geo-addressing company based out of UK, to optimise GPS mapping and bring accurate navigation in the complex road infrastructure in India. It has also forged strategic partnerships with some automotive suppliers and experts to streamline manufacturing and ensure faster electric automobile delivery to its customers.
It is estimated that electric vehicles will overtake sales of petrol cars by 2030. As per a data by the Society of Manufacturers of Electric Vehicles (SMEV), electric vehicles sales stood at around 56,000 units in FY 17-18 as against about 25,000 units in 2016-17.
with 60% to 70% passenger cars sold in urban towns and cities, the company expects a high rate of consumer adoption as it says that Strom-R3 is designed as an urban mobility solution for city dwellers.