With the launch of a new auto startup in Delhi, an investment round has begun and we are witnessing an explosion in the number of startups looking to invest.
One such startup is called Cariapoint, which is looking to raise funds for a new vehicle.
The car is a fully electric vehicle, it has been designed by a local Bengaluru-based design studio, but it has yet to be released.
Its design is based on an SUV that is designed to be a family-friendly vehicle.
Cariapsod’s chief financial officer Anil Srivastava told ET that the startup is aiming to sell 200 vehicles a month to the public in the next two years.
“We are looking at a lot of car manufacturers and will eventually go for an EV car,” Srivam said.
He said the company has set up a fund to be used for seed funding, while raising a funding round for development.
“The vehicle will cost less than Rs 500,000.
We are looking to attract funding for the car for at least Rs 2 crore.
We will also launch the vehicle in a few months.
We want to create a brand,” he said.
The startup was founded by an engineer from Bengaluru named Sudhir Chavan.
The founder is looking at the automotive space and the market as a whole, said Srivaman.
He said Cariapingod is a small-scale vehicle that has been built to be easy to drive and to have high fuel efficiency.
The company plans to have a passenger capacity of around 80 people.
Cariapod’s CEO Srivamasayappa Bhargava said that the company is working with car manufacturers to develop a new model.
The vehicle will feature a range of up to 250 kilometres and has been developed using advanced materials and software.
“It will be a full electric vehicle with two electric motors, one for each axle.
It will be the first EV with a driver in the back seat,” he added.
The company will also be selling a petrol-electric hybrid, he said, adding that the price will depend on the market conditions.
“At the moment, petrol is more expensive and the hybrid price will also go up,” he explained.
He also said the startup wants to launch a new car every two months.
Cariaapoint has received investment from the National Institute of Automotive Research (NIAAR), Tata Motors, Indian Automobile Federation (IAF), and Tata Motors India, among others.
Cariaapod has already raised Rs 20 crore in funding from the NIAAR, Tata Motors and Tata Sons.
The venture will continue with funding from NIAR, Tata Sons and Tata Cars India.