Etrio raises $3mn to launch new EVs in India

Hyderabad: City-based electric vehicle startup Etrio has raised of $3 million (approximately Rs 22 crore) in Series A round from high networth individual investors based out of Singapore.

The investment will fuel Etrio's foray into new electric vehicles (EVs) in three-wheelers and bicycle product lines, the company said, adding that it aims to focus on customer acquisition across both the B2B and consumer segments.

The group of investors is led by serial investor, Janardhan Rao, founder of Triumph Global Group, a Singapore-headquartered international commodity trading house.

"With over a year of extensive work, we finally make our big transition from retrofitment to creation of new electric

vehicles," Deepak MV, Co-founder and CEO, Etrio, said in a statement.