Mumbai: Bangalore-based electric vehicle (EV) Entuple component maker Entuple E-mobility is in talks with several investors to raise $3 million to $3.5 million (Rs 22-25 crore) in equity capital to fund further growth.

Entuple Rakesh Mishra According to The Economic Times, the funds will be used to set up the company’s future power assembly manufacturing plant with an annual capacity of 15 1 lakh vehicles will also upgrade the existing R&D and operations manufacturing plant. We also plan to manufacture fast chargers for electric vehicles next year.

Mishra said the company is in discussions with strategic investors and venture capital funds and hopes to close the financing soon.

Explaining the reasons for supplying parts to emerging low-volume industries such as electric vehicles, President Mishra said that only as localization progresses will the cost of production of electric vehicles come down dramatically and sales grow significantly.

“Currently, all EV manufacturers are importing some key components. They need reliable local suppliers. While demand may not be that high at the moment, we will be taking a risk if sales increase,” he said. It’s too late for startups like us to enter the industry as existing players are looking to enter. ‘

Ntuple announced it is in talks with more than 30 electric vehicle companies, including major automakers, startups, systems integrators and specialty vehicle manufacturers.

Makshii Shah, Senior Automotive and Mobility Consultant, Arancacan Business Research & Consulting “A quarter of all electric vehicle motors are produced in China, and many local manufacturers are preparing to invest in localization.” We expect these major motor manufacturers to start localization investments. Localized production will be achieved within 2-3 years.

The company’s new manufacturing facility in Bengaluru will primarily produce five types of hub motors and controllers for electric two-wheelers. The motors are in various stages of user testing and validation and will be certified at government-authorized testing institutes before going into production, Mishra said.

The company also plans to upgrade its existing facilities with frame-mounted motors to increase its powertrain capacity from around 6,000 upgraded vehicles to 96,000 vehicles per annum. These powertrains will be supplied to manufacturers of three-and four-wheeled electric vehicles.

Mishra said by phone, “The idea is to buy all the components like stator stamping, motor cores and electronics and minimize dependence on imports.” We are in the middle of an investigation.