Ahmedabad Based EV Startup, Savy Electric Vehicles (Savë) Raises Seed Round Valued At $3.5 Million
Ahmedabad based EV Startup, Savy Electric Vehicles (Savë) has raised an undisclosed amount in the seed round led by NRI Angel Investor Ratul Bhattacharya and prominent individuals, valued at $3.5 million.
Savë, a bootstrapped startup since inception, is engaged in manufacturing purpose-built electric vehicles and has successfully built use cases for wide variety of applications suited to the needs of various industries, like food franchise, ecommerce, last-mile delivery, dairy and vegetable sellers, mobile cash ATMs, mobile water ATMs, etc. ‘ElecTruck’, the low capacity (400 kgs) cargo mover has been one of its successful product since launch and has been getting repeat orders. It has an impressive clientele of Gujarat Government, Defense organizations (Air Force, CRPF, BSF etc.) and various Multi-nationals.
Savy plans to use the freshly raised funds in launching their high capacity passenger and cargo vehicle vPOD, which will be the best in class within its segment. The prototype is scheduled to be launched in May 2022. The company has got an order book of over 1,500 units for their cargo variant and is in the process of building a mass manufacturing facility in Sanand (Gujarat).