New Delhi: Japan-based Terra Motors an electric vehicle start-up company on Monday announced that it has secured $10 million from foreign investors including Fenox Venture capital (US) which is one of the famous Silicon Valley based venture capital, and other Japanese bank affiliated venture capital investors to accelerate their global expansion.
Commenting on global expansion and associated funding, Terra Motors CEO, Toru Tokushige said, “A rapid and sustainable growth is our long term goal. We are focusing more on Asian Markets like India and Bangladesh, as gasoline is exorbitantly priced in these countries. Therefore, there is an upsurge in demand for 2 wheeler and 3 wheeler electric vehicles in Asia.”
Terra Motors was founded in April 2010, with the idea of creating commuting solutions using Japanese technology.
Sharing some insights on product portfolio expansion, Akihiro Ueda, Managing Director of Terra Motors said, “We are trying to enhance the technology and the quality of the products by bringing quick charger and lithium battery. We want to deliver excellent service to the customers and are planning to achieve No. 1 position in the EV sector market share over the next one year”.
The company said in a press statemnt that it is one of the leading companies in terms of small commercial vehicle manufacturing, with a y-o-y growth rate of 180% in Global business and 700% for their Indian portfolio for 2016-17. They have received funding $10M USD in 2014 from Fenox Venture capital (US), Mizuho Capital and SMBC venture capital.