Recently, the company was selected as one of the top 10 start-ups to transform India by Dept. of Science and Technology, Government of India and IIM Calcutta SmartFifty program.
drive-train that has been designed to be a perfect vehicle for densely populated cities like Mumbai, Delhi and Bengaluru.
Strom Motors will also be utilizing the funds to set up its assembly plant in Mumbai for Strom-R3 which has already received over 100 pre-orders from the Maharashtra region.
According to industry research, electric mobility is projected to become a multi-billion dollar industry. It is estimated that EV's will overtake sales of petrol cars by 2030. Strom-R3 is designed as a mobility solution for city dwellers, and with 60% to 70% passenger cars sold in urban towns and cities, the company expects high rate of consumer adoption.One of the key focus areas of the start-up is to optimize the drive dynamics of the car, in-car tech and IOT based vehicle diagnostics for condition based maintenance rather than time based.
Commenting on the announcement, Lead investors Neeraj Garg, Sanjay Bhasin and Anirudh Agarwal said "It is our responsibility towards future generations to reduce carbon emissions originating from excessive use of fossil fuels. Adoption of electric vehicles combined with shifting our energy generation portfolio towards renewable sources is the way to go. In India, Electric Vehicle adoption will grow significantly in next five years. Adoption will depend if car manufacturers are able to offer products that cater to uniquely Indian set of requirements – road conditions, consumer taste, and affordability and commute patterns among others. We strongly believe that entrepreneurial eco-system in India must support a domestic manufacturer of EV that offers solutions that match with requirements of Indian consumers. Strom Motors’ offering does precisely that and IAN is very excited to be part of this initiative."
Strom Motors has recently tied up with what3words, one of the most innovative geo-addressing company based out of UK, to optimize GPS mapping and bring accuracy to navigation in a complex road infrastructure such as India. The start-up has also forged strategic partnerships with some of the leading automotive suppliers and experts to streamline manufacturing and ensure faster electric automobile delivery to its customers.
In India, electric vehicles are projected to undergo explosive growth in the coming years. As per a data brought out by Society of Manufacturers of Electric Vehicles (SMEV), EV sales stood at around 56,000 units in FY 17-18 as against about 25,000 units in 2016-17. There have also been several positive moves being brought out by the government to create a stable policy framework for electric and alternate fuel powered vehicles, which will further impact the country’s economic growth and promote ease of living. Several PSUs and private organizations have also volunteered in setting up charging stations for EV's in some of the key cities in country. These developments will further catapult the growth of EV industry, making India a pioneer in electric mobility space.
Indian Angel Network has been a pioneer in the seed and early stage investing. It has now launched a ₹450 Crores VC fund making it now, the single largest platform for seed & early stage, where entrepreneurs can raise from Rs. 25 lakhs to Rs. 50 crores (with co investors), thus making IAN the platform of choice!
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