Bengaluru-based e-mobility technology company, Cell Propulsion which designs and manufactures EV powertrain and EV parts has raised pre-Series A funding from three investors growX, Micelio, and Endiya Partners.
The latest Pre-Series A round follows the seed round held last year led by Endiya Partners in which Cell Propulsion received funding from the Centre for Innovation, Incubation, and Entrepreneurship (CIIE) part of the Indian Institute of Management-Ahmedabad, Sangam Ventures, and growX Ventures.
“This investment sets us up for building a strong foundation for the company with a compelling story and vision,” said Nakul Kukar, Cofounder and CEO of Cell Propulsion speaking to ETN magazine.
“We will complete homologation and all required certifications for the commercial launch of our LFP battery packs, electric light commercial vehicles, and e-bus powertrains. Besides these funds will also enable us to execute pilots and demos with potential customers,” Kukar added.
Micelio, India’s first seed fund focused solely on clean mobility is the new investor in this round while growX, the Delhi-based early-stage investment firm and Endiya Partners are the existing investors that participated in the recent round.
Investment by Micelio, which is billed as a dedicated fund for EV technology start-ups with its vision to promote e-mobility in India is expected to bring greater strategic advantages to Cell Propulsion.
“They can help us with business development and increasing our presence in south India,” added Kukar commenting on how the new investment will help scale the existing business.
Cell Propulsion mainly develops battery packs, battery management systems (BMS), chargers, motor drives, motors, VCU, telematics module, and associated operating software stack in-house catering to e-4Ws, e-buses, and e-trucks (vehicles with a power rating of greater than 15kW and operating voltages of more than 96V) segment.
The latest round of investment will be instrumental for the startup's plan to diversify into electrification of all commercial vehicle segments starting from LCVs and all the way up to HCVs.