Vegh has secured $5 million funding in strategic pre-series investment round.
This milestone achievement comes as part of Vegh’s ongoing pre-series funding campaign, which aims to secure a total of $50 million.
The funding, provided by an undisclosed investor, will play a crucial role in supporting Vegh’s working capital requirements, including the development of an extensive sales and distribution network, expansion of manufacturing capabilities for EV components, and increased investment in research and development (R&D) initiatives.
Established in 2021 by Sumeet Gupta, Pragya Goyal, Kamalchand Bothra, Ashkaran Bothra, and Namrata Gupta, Vegh is driven by a mission to create a sustainable mobility ecosystem. The startup is actively pursuing an ambitious expansion strategy and aims to become a prominent player in the EV industry.
Currently, Vegh operates a cutting-edge manufacturing facility in Bathinda, Punjab, serving as both a research and development center and production hub with an annual capacity of 60,000 units.
However, the company has set its sights on scaling up production threefold to meet the increasing demand and capitalize on business opportunities.
“We are delighted to secure this investment in our pre-series round, which demonstrates the confidence and support we have received from our investors. These funds will play a pivotal role in driving Vegh’s expansion plans, strengthening our sales and service network, and establishing Vegh as a leading EV brand in India,” stated Sumeet Gupta, Founder and Managing Director.
Vegh remains committed to its Make in India vision and is enthusiastic about the future of electric mobility. “In the initial phase of our expansion strategy, we aim to establish a robust sales and service network in 12 states,” remarked Pragya Goyal, Co-Founder and CEO of Vegh.
The company has outlined a strategic roadmap that includes nationwide sales infrastructure strengthening, expanding the production capacity of its renowned electric scooter series, the Vegh S60, and launching two highly anticipated high-speed scooter models soon.
Vegh’s dedication to innovation, quality, and sustainable transportation solutions has garnered significant attention in the EV market.
The company’s electric scooters have been praised for their performance, safety features, appealing design, and eco-friendly characteristics.