Attron Automotive, a leading provider of innovative motor and controller solutions for electric vehicles (EVs), has successfully raised $575.6K in its first round of funding.
The investment was led by Anicut Capital, with participation from Pontaq VC, Venture Catalyst, and Yashovardhan Shah.
The funds will be utilized to support the company’s key growth initiatives, including the setup of an assembly line, establishment of a prototyping facility, team expansion, and research and development efforts to drive innovation in existing and new technologies.
With the infusion of funds, the company plans to set up an assembly line with an initial capacity of 10,000 units per month with an aim to expand it to 70,000 units per month within the next five years.
Additionally, Attron Automotive will grow its team, focusing on research and development and sales to meet the growing demand for products. The company’s R&D team will also be responsible for developing new technologies, allowing Attron Automotive to maintain a competitive edge in the market. Furthermore, the establishment of a prototyping facility will streamline the production of samples for customers, reducing lead times and fostering faster adoption of Attron Automotive’s solutions.
Mosam Ugemuge, Founder and CEO, Attron Automotive, said, “We are thrilled to have successfully raised 4.75 crores in this fundraise, which will be instrumental in driving our expansion plans and fuelling our innovation initiatives. The involvement of Anicut Capital as investor and mentor brings valuable expertise, insights, and guidance to Attron Automotive. Their support will help the company navigate challenges, make strategic decisions, and avoid common pitfalls. This assistance has prepared us to provide an exceptional experience to our future customers and undertake significant responsibilities for larger OEM players in the industry. Additionally, Anicut Capital’s extensive network will introduce us to potential customers, partners, suppliers, and other investors, opening up new opportunities for collaborations and resources. Post fundraise, we have outlined a set of milestones aimed at capturing a significant market share. We aim to acquire 10% market share in the 3 and 4-wheeler load carriers’ market within the next three years, leveraging our proprietary motor and controller E-powertrain solutions. This investment not only validates our potential but also positions us for significant growth and market leadership in the electric vehicle industry”.
Ashvin Chadha, Managing Partner, Anicut Capital, said, “We are excited to back Attron Automotive in their journey towards transforming the electric vehicle industry. Attron Automotive’s young and enthusiastic team, their innovative product, and the vast potential for market penetration is poised to revolutionise the Indian market. With the Niti Ayog’s EV policy aimed at reducing EV dependence on China, Attron’s proposition of an IP driven Made in India electric motor will further give them the required market impetus to excel.”
Moving forward, Attron Automotive has outlined a comprehensive expansion and growth strategy. The company plans to target OEMs looking to transition from Chinese powertrain components to domestically manufactured solutions. Additionally, Attron Automotive aims to collaborate with other EV component OEMs, including battery, BMS, DC-DC Converter, and VCU manufacturers, to offer complete EV solutions for retrofitting and new product development.
With a proven track record in the industry, Attron Automotive has developed a proprietary motor topology that achieves exceptional motor efficiency of over 97%. The company’s pre-integrated motor controller solutions cater to various applications in automotive, defense, aviation, and agriculture sectors, supporting both low voltage and high voltage requirements. Attron Automotive has already completed successful field testing with multiple OEMs and is now poised for mass production following the establishment of its assembly line.