Noida-based EV as a Service startup TriGo Electric has raised an angel cum strategic funding of Rs 40 lakh in equity and 40 lakh as debt from angel investor Ajinkya Firodia, Managing Director Kinetic Group.
TriGo Electric secured this equity funding deal through their recent participation in ‘Indian Angels’ the world’s first OTT angel investment show, currently being streamed on the JioCinema platform.
According to Shahnawaz Rao, Founder & CEO, TriGo Electric would utilize the newly-raised capital to fuel various strategic interventions aimed at growing and expanding its business operations, increasing fleet size, and strengthening the tech platform and research & development.
Raising funding at Indian Angels
Shahnawaz Rao and Dilshad, the dedicated and visionary founders of TriGo Electric, delivered a compelling startup pitch in front of the distinguished panel of angel investors on the show.
By the end of the presentation, investment offers were extended by two prominent angels, namely Ajinkya Firodia and Ankit Agrawal, who collaborated in their commitment to support TriGo Electric. Subsequently, after thorough negotiations, the founders opted to accept the offer presented by Ajinkya and successfully closed the deal.
This strategic partnership marks a significant milestone for TriGo Electric as they embark on a path of growth and innovation with the support of their esteemed investor.
What does TriGo Electric do?
TriGo Electric is steering the Green Revolution in the Indian logistics and mobility Sector with its tech-enabled EV-as-a-Service platform, with a Mission of Emission-free delivery and to make India carbon-free by using an ecosystem of Electric Vehicles and EV-based technology.
The Noida-based startup aims to electrify last-mile deliveries in India. It offers electric two-wheeler fleets with riders to ride-sharing companies, and e-commerce, food, grocery and pharma delivery companies such as BigBasket, JioMart, Tata 1mg, Zepto and Zomato.
What does the leadership say about fundraising?
Speaking about the fundraising, Shahnawaz Rao, Founder of TriGo Electric, said, “I am thrilled to get the backing by renowned name in automobile, whose investments in TriGo Electric not just validate the huge promise and potential of our business idea, make a meaningful impact. His support goes beyond Funds; it is a vote of confidence that inspires us to strive for excellence.”
Dilshad, Co-Founder and COO of TriGo Electric, said, “This new round of investment marks a significant stride toward our mission of emission-free delivery and our commitment to fostering a greener and healthier world.”
Dilshad said TriGo Electric will continue to focus on specializing in green mobility technology to promote affordable EV adoption in the near future.
About Indian Angels
Pune-based Digikore Studios announced the launch of Indian Angels, which it claims is the world’s first angel investment show, launched on JioCinema. Unlike Shark Tank India, The show also extends a rare invitation to viewers to become investors themselves.
The show boasts a panel of angel investors, including Ajinkya Firodia, Managing Director of Kinetic Group; Ankit Agarwal, Founder and CEO of InsuranceDekho; Shreedha Singh, Co-founder of T.A.C – The Ayurveda Co.; Kunal Kishore, Founder and director of Value 360; Rikant Pittie, COO & Co-Founder of EaseMyTrip and Aparna Thygarajan, Co-Founder & Chief Product Officer of Shobitam.
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