Dr Paolo Castagna, Ex Managing Director, Fiat India invests in electric vehicles' start-up EVage
New Delhi [India] Sept 1 (ANI/PRNewswire): Dr Paolo Castagna, Ex Managing Director, Fiat India Automobiles Pvt Ltd, has invested an undisclosed amount in mobility tech startup EVage.
The mobility startup has built India's first 'Make in India' 'Exoskeleton Structure' that will provide a common platform for the launch of SUVs, vans, delivery vehicles, and trucks and is also set to launch their first electric delivery van.
EVage has additionally attracted investments from Prashant Singh, Ex-Paytm VP Product, and Ex Founder Shifu (acquired by Paytm).
Additionally, earlier this month, EVage saw investments from veterans across industries and mobility veteran Anand Shah, Co-Founder and Senior Advisor, Ola Electric in the ongoing Pre Series A round.
"I have been interacting with EVage's team for a while and I must underline that putting a full-fledged vehicle and creating an exoskeleton structure in only five years is no small feat. Electric vehicles need a different kind of mindset and know-how in the manufacturing process: the team of aeronautical engineers at EVage have done incredible work in light-weighting, battery tech, and using new-age materials. It is the resilient drive of the team, which inspired me to join hands with them and it makes me proud to be advising them towards leading the EV revolution in India and reduction of C02 emissions," said Dr Paolo Castagna, Ex Managing Director, Fiat India.
"A company is only as good as its team: Paolo brings with him extensive experience from the global automotive world. His experience as Managing Director, Fiat India Automobiles, serving as a member in the boards of many companies in the automotive and agricultural sectors around the world, and deep know-how in global Finance and Treasury collected over many years, during which he covered key leadership roles in German financial institutions and investment entities will guide us in making the best decisions to fulfill our customers order in the most efficient manner," said Inderveer Singh, Founder & CEO, Evage.
"We are also excited to join hands with the tech wizard and serial entrepreneur Prashant. He will be instrumental in helping us create a data layer on top of our vehicles," Inderveer, added.
The funds for this Pre Series A round are being used to fulfill the existing customer orders.
EVage's team has spent over five years in the stealth mode, doing R&D towards simplifying manufacturing EVs. The team of aeronautical engineers looked at the aerospace structure for inspiration and use of bio-friendly material thus, innovation manufacturing EVs with a material lighter and stronger than steel.
EVage additionally focused on modularity for multiple parts, making the manufacturing process cost and performance efficient. The startup has created India's first 'Exoskeleton Structure' and a proprietary e-platform chassis, we also spent considerable time innovating and making the integrated power-train from scratch.
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