iGoWise Mobility raises Rs 8.2-cr pre-seed capital for R&D, introducing new variants

Mumbai, Sep 29 (PTI) iGoWise Mobility (iGo) on Monday said it has secured Rs 8.2 crore from a group of investors for R&D activities, introduction of new variants, among other initiatives.

The capital was raised in cumulative funding from ISB Angels, 888VC and Guptaji VC, it said.

The funding has fueled tooling and automation to cut production costs, expand customer experience and after-sales channels, drive further R&D and new variants, and strengthen working capital to fulfil the current order book, iGo said.

"By focusing on frugal innovation, agile engineering and a robust and indigenous supply chain, we've proven that India can build world-class EV solutions that create real economic value and social impact," said Sravan K Appana, Founder & CEO of iGo.

Over the next 12-18 months, the company said, it plans to expand in Bengaluru, Hyderabad, Pune, and Panjim, deploying the first 1,500 trikes with fleet partners including Hala Mobility and Elektric Express. PTI IAS DRR