Vajram Electric: Fueling the Future of Electric Mobility with $5 Million Equity Boost

Vajram Electric is planning to raise $5 million in equity to support its expansion. The Mumbai-based company aims to enhance its production lines and infrastructure while exploring contract manufacturing within the EV sector. These efforts align with the growing global demand for electric vehicles.

Vajram Electric, a subsidiary of eBikeGo, announced its intention to raise $5 million in equity to support ambitious expansion efforts.

The funds will be used to enhance production capabilities, modernize current facilities, and integrate new technology. As part of its diversification strategy, Vajram Electric seeks to enter into contract manufacturing for other electric vehicle producers.

Founded in 2022, the company specializes in two and three-wheelers as well as e-cycles, targeting urban and rural customers. This funding marks Vajram Electric's second equity venture following a previous $3 million raise.

(With inputs from agencies.)