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EV Startup Ashnni Motors Raises $ 244,000 to Accelerate EV Production

Pune-based EV startup Ashnni Motors has raised $244,000 (Rs 2 crore) in a pre-seed funding round led by WealthTrust Capital Services. The funding will be used to manufacture the first batch of vehicles and establish in-house battery production.

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Swati Dayal
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Ashnni EV Motors

Ashnni Motors, a Pune-based electric vehicle (EV) startup, has secured USD 244,000 (Rs 2 crore) in a pre-seed funding round led by WealthTrust Capital Services. Notable investors, including Pushpak Ranka, Dawson Menezes, Sneha Jain, and Alisha Poonawalla Menezes from WealthTrust, participated in this funding round. 

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The capital infusion will be utilized by the startup to manufacture its first batch of first-generation vehicles and establish in-house production of Li-ion battery packs.

Pune-based EV Startup To Offer Tailored EV Fleets For Last-Mile Delivery and Daily Utility Needs

The recent pre-seed funding round led by WealthTrust Capital Services has provided Ashnni Motors with the financial resources needed to accelerate its EV production and in-house battery pack manufacturing. As the startup prepares to deliver its first-generation vehicles, it aims to revolutionize the way businesses approach transportation by offering tailored EV fleets for last-mile delivery and daily utility needs. Ashnni Motors' commitment to reliability, performance, and customer feedback positions it as a key player in India's evolving EV landscape. 

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The startup plans to utilise the funds to produce the first batch of first-generation vehicles and in-house production of Li-ion battery packs. Founded in 2017 by Vishal Mali and Subodh Karunasagar, and incubated under the Science and Technology Park, Pune, Ashnni Motors is on a mission to design, engineer and manufacture intelligent, purpose-built EV fleets. In 2021, the startup received a product development grant from the Department of Science and Technology, Government of India (DST) and it was also a part of the Climate Collective accelerator programme. 

Going Beyond Micro-Mobility

Founded in 2017 by Vishal Mali and Subodh Karunasagar, Ashnni Motors aims to design, engineer, and manufacture intelligent, purpose-built EV fleets. The company's mission goes beyond micro-mobility, focusing on a decentralized approach to serve individual business needs. 

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Ashnni Motors envisions empowering businesses, both small and large, to create their own EV fleets tailored to specific requirements for last-mile delivery and daily utility purposes. The startup has received recognition through its product development grant from the Department of Science and Technology, Government of India, and participation in the Climate Collective accelerator program.

Ashnni Motors Wants Businesses To Leverage EVs For Transportation Needs

Vishal Mali, Co-founder, and CEO of Ashnni Motors, highlighted the unique value proposition of their solution. He stated, "Our vehicles and batteries are highly reliable and can perform under extreme conditions. Any business, small or big, will now be able to create its own EV fleet according to specific requirements for last-mile delivery purposes or just daily utility needs." The startup's vision is to enable businesses to leverage EVs as a practical and efficient solution for their transportation needs.

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Successful Pilots and Maturity of Product

Ashnni Motors has conducted successful pilots with last-mile delivery companies, local distributors, and shop owners, accumulating a total distance of one lakh kilometers. Subodh Karunasagar, Co-founder, and CTO of Ashnni Motors emphasized the importance of the pilot phase in refining their product and technology platform. Through extensive testing and direct feedback from end users, the company has improved the maturity and reliability of its vehicles and systems. This iterative approach ensures that Ashnni Motors delivers a robust and market-ready product.

Ashnni Motors commenced operations in January 2023 from its newly established facility in Chakan, Pune. The facility was inaugurated by Union Minister Nitin Gadkari in the previous year, symbolizing the government's support for the EV industry. The company aims to ship the first batch of its first-generation vehicles to early customers who have participated in the pilot phase by August 2023. With this significant funding injection, Ashnni Motors is poised for rapid growth and aims to make a substantial impact in the electric mobility sector.

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