HomeInvestment & Trading ›EV Company Vegh Procures USD 5 Million in Pre-Series Round for Expanding its Manufacturing Capacity

EV Company Vegh Procures USD 5 Million in Pre-Series Round for Expanding its Manufacturing Capacity

The firm will utilise the money mainly to boost the company's working capital requirements, comprising the generation of a robust sales and distribution network.

July 05, 2023. By Nivedita Ojha

Vegh has procured USD 5 million in a pre-series round of funding.

The firm will utilise the money mainly to boost the company's working capital requirements, comprising the generation of a robust sales and distribution network, the augmentation of its manufacturing capabilities for EV parts, and investment in research and development (R&D) initiatives.

The company was founded in 2021 by Sumeet Gupta, Pragya Goyal, Kamalchand Bothra, Ashkaran Bothra, and Namrata Gupta.

The firm deals in a two-wheeler e-scooter. Its production amenity, situated in Bathinda, Punjab, has a yearly manufacturing capacity of 60,000 units and caters to its research and development hub as well. 

Sumeet Gupta, Founder and Managing Director of Vegh, stated, “We are thrilled to secure this investment in our pre-series round, which reflects the confidence and support we have garnered from our investors. The funds will be instrumental in driving Vegh’s expansion plans, strengthening our sales and service network, and establishing Vegh as a leading EV brand in India.”

Pragya Goyal, Co-Founder and CEO of Vegh, added, "In the first phase of its expansion strategy, we aim to penetrate 12 states with a robust sales and service network”.

The company targets to upgrade the Vegh S60 electric scooter series' manufacturing capacity, nationwide sales infrastructure, and the introduction of two eagerly awaited high-speed scooter versions in the upcoming months.
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