Attron Automotive, a leading provider of innovative motor and controller solutions for electric vehicles (EVs), today announced the successful completion of the first round of funding, raising a total of 4.75 crore. It was led by Anicut Capital and the round saw participation from Pontaq VC, Venture Catalyst, and Yashovardhan Shah.
The funds will be utilised to support the company’s key growth initiatives, including the setup of an assembly line, establishment of a prototyping facility, team expansion, and research and development efforts to drive innovation in existing and new technologies.
The infusion of funds will enable Attron Automotive to make significant progress towards achieving its goals – the company plans to set up an assembly line with an initial capacity of 10,000 units per month with an aim to expand it to 70,000 units per month within the next five years.
Additionally, Attron Automotive will grow its team, focusing on research and development and sales to meet the growing demand for products. The company’s R&D team will also be responsible for developing new technologies, allowing Attron Automotive to maintain a competitive edge in the market.
Furthermore, the establishment of a prototyping facility will streamline the production of samples for customers, reducing lead times and fostering faster adoption of Attron Automotive’s solutions.
“This fundraise will be instrumental in driving our expansion plans and fuelling our innovation initiatives,” said Mosam Ugemuge, Founder and CEO, Attron Automotive.
Post fundraise, we have outlined a set of milestones aimed at capturing a significant market share. We aim to acquire 10% market share in the 3 and 4-wheeler load carriers space within the next three years, leveraging our proprietary motor and controller E-powertrain solutions,” he added.
With the Niti Ayog’s EV policy aimed at reducing EV dependence on China, Attron’s proposition of an IP driven Made in India electric motor will further give them the required market impetus to excel,” said, Ashvin Chadha, Managing Partner, Anicut Capital.
Looking ahead, Attron Automotive plans to target original equipment manufacturers (OEMs) seeking to transition from Chinese powertrain components to domestically manufactured solutions. Furthermore, Attron Automotive aims to collaborate with other EV component OEMs, such as battery, BMS, DC-DC Converter, and VCU manufacturers, to offer complete EV solutions for retrofitting and new product development.
With a successful track record in the industry, Attron Automotive has developed a proprietary motor topology that achieves motor efficiency exceeding 97%. The company’s pre-integrated motor controller solutions cater to various low voltage and high voltage applications, including automotive, defence, aviation, and agriculture. Attron Automotive has already completed field testing of its system with multiple OEMs and is now poised for mass production following the setup of its assembly line.