Electric vehicle start-up, Swytchd has received $553,000 in a seed round led by Keiretsu Forum, a network of angel investors.
The round was also attended by Let’s Venture, Venture Catalyst, and Beej Network, among others.
The Bengaluru-based company plans to use the funds to expand operations and marketing, as well as hire more employees.
Sameer Arif, Founder and CEO, Swytchd said “We couldn’t be happier with our first round of external raise through such a supportive group of investors.”
The capital will also aid in the expansion of the fleet size.
Started in 2021 by Sameer Arif, Swytchd is an electric vehicle subscription platform.
The company said in a post on LinkedIn “Our vision is to hand-hold the transition to electric vehicles for customers by reducing upfront costs, providing flexibility vs. the current EMI model, and making vehicle ownership, trouble-free. All the benefits, none of the hassle.”