Indian e-Mobility startup, VAAN Electric Moto pvt Ltd, has raised Rs 6 crore from Asian Energy Services Limited, an oil and gas services company.
VAAN which began its operation in 2019 is recognised worldwide as an Indian Life Style E-mobility startup which intends to bring to the market the products, including e-bikes, e-mopeds, e-scooters and even e-boats.
The company was launched globally at the famed EICMA motorcycle show in Italy held in November, last year.
“Asian Energy Services was attracted to VAAN Electric Private Limited considering the vast opportunities in the e-mobility sector. Asian Energy Services has also expressed interest in more investment in the company,” VAAN Electric said in a release.
Jithu Sukumaran Nair, who heads the startup said there are plans to develop the electric charging facility, its services, maintaining e-waste and reproduction.
Asian Energy Services is a company listed in BSE, NSE and Oilmax is the main shareholder.
“The new investment will help the company grow as an international brand. This investment will be used for developing new products and expanding the company to various sectors,” Nair noted.
VAAN already has a technical collaboration with the world-renowned bike manufacturer Benelli. Apart from the launch of the e-cycle this month, e-bikes, super bikes for children and dresses will also be introduced.
The company focuses on producing environmentally sustainable products along with implementing scientifically developed products. The company also ensures sustainable energy and recycling of products.