Mumbai-based E14 Technologies Pvt Ltd which owns and operates Strom Motors, a smart mobility startup, has secured angel funding from Indian Angel Network (IAN). The current funding round was led by IAN members Neeraj Garg, Sanjay Bhasin and Anirudh Agarwal, who will now also be a strategic member on the board of Strom Motors.
Strom Motors plans to deploy raised capital to sell its product, accelerate its geographical expansion and increase its consumer base across markets.
Commenting on the investment, Pratik Gupta, CEO at Strom Motors said, “We are looking forward to leveraging the expertise and in-depth industry knowledge of IAN members to bring significant developments in the company. Sustainable personal mobility solution in India is still in its nascent stages and there is huge opportunity for electric vehicle segment to grow in the coming years.”
He further added, “Our efforts are not only to bring substantial innovation in the EV 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.”
Started 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.
Earlier this year, the company has unveiled Strom-R3 a fully air-conditioned, a two-seater three-wheeled compact electric car that has been designed to be a perfect vehicle for densely populated cities like Mumbai, Delhi and Bengaluru. However, the certification approval from the Automotive Research Association of India is awaiting, after that, it will start delivering the Strom R3 vehicles.
Strom Motors claims to have already received over 100 pre-orders for Storm-R3 from the Maharashtra region. For that, the company is also planning to set up its assembly unit for its Strom R3 electric vehicle in Mumbai.
Smart mobility is at the initial stage but the industry is expected to grow significantly in the next five years. “Adoption will depend if car manufacturers are able to offer products that cater to a uniquely Indian set of requirements – road conditions, consumer taste, affordability and commute patterns among others,” investors Garg, Bhasin and Agarwal, said in the statement.
In the recent past, a number of other startups such as Ather Energy, Ultraviolette Automotive, and Greaves Cotton, among others, have forayed into this segment to grab the market opportunity.