Strom Motors (E14 Technologies Pvt Ltd), a mumbai based start up, has secured angel funding from Indian Angel network (IAN), the horizontal seed stage funding platform. However, Strom Motors has not disclosed the financial details of the funding.
IAN, the funding source, is India’s first and world’s largest business angel network with close to 500 members across the world, comprising the who’s who of successful entrepreneurs and dynamic CEOs.
Founded in the year 2011, Strom Motors aims to redefine urban mobility and re-invent India’s personal transportation through its smart electric car.
Strom Motors will utilize part of the funding to set up an assembly plant in Mumbai for Strom-R3 which is a fully air-conditioned, two-seater reverse trike, especially designed for highly populated cities like Mumbai, Delhi, and Bengaluru.
That apart, the fund will also be used for enhancing product sale, hasten physical expansion, and surge consumer base.
Earlier this year, the company unveiled Strom-R3, an all-electric urban mobility solution which addresses the pain points of the country’s mobility architecture and brings a new approach to safety, sustainability and driving experience.
Reference- Mercom India, ET