Etrio raises USD 3 mn from Singapore-based investors

The Hyderabad-based company said it has raised the capital in Series A round from investors. The group of investors is led by Janardhan Rao, founder of Triumph Global Group - a Singapore headquartered international commodity trading house with a consolidated revenue of over USD 900 million, it added.

Electric vehicle startup Etrio on Tuesday said it has raised USD 3 million (about Rs 22 crore) from Singapore-based investors. The Hyderabad-based company said it has raised the capital in Series A round from investors.

The group of investors is led by Janardhan Rao, founder of Triumph Global Group - a Singapore headquartered international commodity trading house with a consolidated revenue of over USD 900 million, it added. The investment would fuel the company's foray into new electric vehicles in three-wheelers and bicycle segments, Etrio said.

Touro, the company's three-wheeler brand, is scheduled for market launch next month, it added. "With this funding, we will strengthen our product portfolio to target B2B logistics platforms for growth with diverse product offerings and more geographical presence," Etrio Co-founder and CEO Deepak MV said.

It targets to enter the highly-dense three-wheeler EV market, starting with the cargo segment - aimed at e-commerce logistics space, and then subsequently set up its channel network for driving both passenger and cargo three-wheeler sales across major states in the north and south India, he added. This series A investment constitutes the first part of fundraising for the company and it plans to raise an additional round in early FY22 towards investments for new product development, in-house manufacturing of key electric components and production capacity ramp-up, Etrio said.