Vegh, an electric-two-wheeler manufacturing business based in Punjab has raised $5 million in a strategic pre-series financing round from an unnamed investor. The funds’ revenues will be utilised to support Vegh’s working capital requirements, such as developing a strong sales and distribution network and growing its production capabilities for electric vehicle (EV) parts.
The investment comes as part of Vegh’s current $50 million pre-series fundraising round. The company, which was founded in 2021, has a manufacturing plant in Bathinda, Punjab, with a production capacity of 60,000 units annually. To address increasing demand for e-mobility, the company intends to triple its activities.
In the first phase of its expansion strategy, the company intends to enter 12 states, increase production capacity of its Vegh S60 e-scooter series, and produce two highly anticipated high-speed scooter models.
In May 2023, BluSmart Mobility announced a $42 million fundraising round in April 2023. It raised $37 million in venture capital and $5 million in venture debt. The energy investors participated in the investment round, with the BluSmart founders and leadership team contributing over 50 per cent.