11th June 2024- Clean Mobility Solution India, the Indian subsidiary of Swedish electric vehicle (EV) maker Clean Motion, has secured $1 million in seed funding from Finvolve, an India Accelerator-backed micro venture capital firm. This funding will be used to expand operations, increase team size, and establish a manufacturing facility in Pune for their flagship three-wheeler EV, Zbee. Additionally, funds will be allocated to develop an EV charging infrastructure across India. Clean Mobility Solution India plans to raise a Pre-Series round of $3 million to $5 million early next year.
The company aims to strengthen India’s ‘Make in India’ initiative and position itself as a leader in global urban mobility transportation. The investment reflects Finvolve’s strategic commitment to the EV sector and confidence in India’s favorable manufacturing landscape.
Clean Motion AB’s entry into India signifies a significant milestone, with a focus on first and last-mile services to key locations such as metro stations, malls, colleges, and offices. This development aligns with the increasing interest of global and domestic companies in India’s growing EV market, projected to reach $266 billion by 2030.
Overall, Clean Mobility Solution India’s funding boost underscores the promising future of EVs in India and highlights the country’s potential to emerge as a key player in the global electric mobility space.
Source:Link
