Pre-Series A round with follow-on investment from Campus Angels
Network, Keiretsu Forum Chennai and Native Angel Network, will fund sales
growth, new products and expansion in India and overseas.
Konwert India Motors Pvt. Ltd., a Coimbatore-based electric mobility
company, has raised a pre-Series A round from The Chennai Angels (TCA). Konwert
converts petrol, CNG and LPG auto-rickshaws into electric vehicles. Existing
investors Campus Angels Network, Keiretsu Forum Chennai and Native Angel
Network also invested in the round.
Konwert will use the funds to grow sales, add to its product range and
enter new markets in India and abroad.
Most of India’s auto-rickshaws still run on fossil fuels, and for the
drivers who own them, a new electric three-wheeler is often out of reach.
Konwert’s approach is to electrify the vehicle the driver already owns. Its
retrofit costs roughly half the price of a new electric auto-rickshaw. A
patented process completes the conversion in 90 minutes. Drivers save approx
INR 12,000–15,000 a month on fuel, about a quarter of a typical driver’s
monthly income, and get up to 213 km of range on a 10 kWh battery.
Drivers can service their vehicles at about 800 myTVS touchpoints
across India and finance the conversion through four lending partners.
Nickendra Manikandan, Founder, Konwert India Motors,
said: “Every auto-rickshaw we convert belongs to a driver who keeps their
vehicle, cuts their fuel bill and takes home more each month. Seeing a product
we built with so much passion on the road, in customers’ hands and improving
their lives, is the most rewarding part of this journey. We are now in our
scaling phase, and this round lets us reach more cities, more vehicle types and
more markets. We are grateful to The Chennai Angels for their support, and to
our existing investors for backing us again.”
Deepak Reddy, Lead Investor, The Chennai Angels,
said: “Electrifying transport is central to India’s path to energy
independence, and Konwert is well placed to contribute to it. Its product extends
the life of the auto-rickshaws already on our roads while making them cleaner
to run. Beyond the product, Konwert has built the processes and partnerships it
needs to scale. TCA is excited to partner with the team and help supercharge
this mission.”
About Konwert India Motors
Konwert India Motors Pvt. Ltd., founded in Coimbatore in 2019 by Nickendra
Manikandan, manufactures electric powertrains that convert petrol, CNG and LPG
auto-rickshaws into electric vehicles. Its magnet-free motors and patented
process enable conversions in 90 minutes at about half the cost of a new
electric three-wheeler. Financing is available through lending partners, with
servicing supported by myTVS. Operating in India and Sri Lanka, Konwert is also
developing retrofit solutions for light commercial vehicles. Learn more at https://www.konwertindiamotors.com/
About The Chennai Angels
The Chennai Angels (TCA) is one of India’s most
active angel investing groups. Founded in 2007, it comprises of successful
entrepreneurs and business leaders with a track record of building and scaling
large enterprises. Over the years, TCA has invested over INR 200 crore across
100+ start-ups in India.