About EVage
EVage is a Transportation, Automotive & Logistics company based in Chandigarh (India) founded in 2019 by Harnoor Kaur, Inderveer Singh Panesar, and Pulkit Srivastava. Developer of electric commercial vehicles. EVage has raised $32.91 million across 6 funding rounds from investors including RedBlue, Bio D Technology and Maniv Mobility. The company has 136 employees. Its chief executive, as recorded, is Inderveer Singh Panesar. Its Indian entity Evage Automotive Private Limited reported revenue of ₹33.63 Cr. EVage offers products and services including FR8 Electric Truck and Modular Chassis Platform. Its focus areas include Energy Tech, Electric Vehicles, Automaker and Commercial Vehicles.
Company details
EVage was founded in 2019 in Chandigarh, India, and operates in the electric vehicle sector. Electric commercial vehicles such as vans, pick-up trucks, minibuses, shuttles, and light electric vehicles are developed by the company. Key features incorporated include a weld-less exoskeleton structure, aluminum composite shell, impact attenuator for shock absorption, linear battery swapping system, modular suspensions, tube-frame design, and motor controllers using advanced vector control algorithms.
- Headquarters Chandigarh, India
- Employees 136
- Founders Harnoor Kaur, Inderveer Singh Panesar, Pulkit Srivastava
- SectorsTransportation, Automotive & Logistics
- Email••••••••
- Phone•••• ••••
- Website evage.in
- Social LinkedIn X
- Legal Name Evage Automotive Pvt. Ltd
- Date of Incorporation 04 Mar, 2020
- Jurisdiction Chandigarh, India
- Annual Revenue₹33.63 Cr
FY 2024 · +58910% YoY
- Net Loss-₹41.29 Cr
FY 2024 · -123% margin
- EBITDA-₹25.29 Cr
FY 2024 · -75% margin
- Total Equity Funding$32.91M (USD)
in 6 rounds
- Latest Funding Round$131.79K (USD), Seed
Mar 2024
- InvestorsRedBlue
& 10 more
- Employee Count136
Associated legal entities of EVage
EVage operates through Evage Automotive Private Limited (active). Its filings, financials, charges and directors are on the company page.
| Legal entity | Status | Incorporated | Registered in | Revenue (FY 2024) | Employees | Directors | Company page |
|---|---|---|---|---|---|---|---|
| Evage Automotive Private Limited CIN U34100CH2020PTC042947 | Active | 04 Mar 2020 | Chandigarh, Chandigarh | ₹33.6 Cr | 136 | 3 | View details |
Products & Services of EVage
EVage offers a comprehensive portfolio of products and services, including FR8 Electric Truck and Modular Chassis Platform.
The FR8 is manufactured as a 1 Ton electric truck that is utilized for delivery needs, featuring a modular chassis for adaptability
The platform is developed to enable customization for multiple vehicle applications, including passenger carriers and cargo trucks, using space-grade materials
Funding Insights of EVage
EVage has successfully raised a total of $32.91M across 6 strategic funding rounds. The most recent funding activity was a Seed round of $131.79 thousand completed in March 2024. This substantial capital infusion reflects strong investor confidence in the company's business model, growth potential, and market opportunities. The funding enables strategic expansion, product development, market penetration, and operational scaling to drive long-term value creation and competitive advantage.
- Total Funding $32.91M
- Total Rounds 6
- Last Round Seed — $131,790
- First Round $370,963
(Aug 2019)
- Investors Count 11
All 6 funding rounds of EVage with amounts and investors; the two latest post-money valuations are shown, the rest are part of the premium plan.
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Mar 2024 | $131,790 | Seed | – | Biodtechnology | – |
| Jan 2022 | $28M | Seed | – | RedBlue | – |
| Jul 2021 | $3.99M | Seed | – | Maniv Mobility | – |
| Oct 2020 | $313,818 | Seed | – | – | |
| Aug 2020 | $101,013 | Angel Round | – | Anand Shah | |
| Aug 2019 | $370,963 | Angel Round | – | – |
11 investors in total: 6 institutional and 5 angel.
Investors in EVage
EVage has secured backing from 11 investors, including venture fund, institutional, and angel investors. Prominent investors backing the company include RedBlue, Bio D Technology and Maniv Mobility.
| Investor | Description | Founded Year | Domain | Location |
|---|---|---|---|---|
Investments are directed toward early-stage mobility startups by RedBlue. | red.blue | San Francisco, United States | ||
Early-stage tech and offline focused VC firm investing in Israel and the US | maniv.com | |||
| biodtechnology.tcc.mode | ||||
Provider of education print publishing services | schandgroup.com | |||
Investments in tech startups are managed by Onnivation. | onnivation.in | |||
| sairaviaantrading.tcc.mode | ||||
AS Anand Shah | Angel investor, co-founder of Oxyzo, focused on fintech and supply chain finance. | unknown_75a5d944e8ff4add8 | ||
VP Varun Pahwa | unknown_d334fbf55dae42049 | |||
AN Anmol Nayyar | Angel investor and entrepreneur, focusing on early-stage Indian startups. | unknown_ebe2cf69c94a4d0ba | ||
VT Vasundara Thakur | unknown_d94ef523c27f4714b |
Investor details for EVage
The complete investor list, round-by-round participation and investor portfolios require an active premium plan.
- Complete investor list
- Round participation
- Investor portfolios
- Co-investor network
Verified entity values are shown only after access is granted.
Board of directors of Evage Automotive Private Limited (EVage)
Evage Automotive Private Limited is the primary company behind EVage. The board of Evage Automotive Private Limited currently have 3 directors; the longest-serving is Pulkit Srivastava, appointed in 2020.
| Director | Designation | Appointed | Tenure | Entity |
|---|---|---|---|---|
| Pulkit Srivastava DIN 08544708 | Director | 04 Mar 2020 | 6 yrs 7 mo | Evage Automotive Private Limited |
| Inderveer Singh Panesar DIN 08360073 | Director | 04 Mar 2020 | 6 yrs 7 mo | Evage Automotive Private Limited |
| Harnoor Kaur DIN 08360074 | Director | 04 Mar 2020 | 6 yrs 7 mo | Evage Automotive Private Limited |
People of EVage
3 people are tracked at EVage (3 in leadership); the tracked headcount is 136.
| Name | Role | Group |
|---|---|---|
| Co-Founder & COO | Leadership | |
| Co-Founder & CEO | Leadership | |
| Co-Founder | Leadership |
Complete people profiles for EVage
Full employee and board profiles, team structure, tenure and professional contact details require an active premium plan.
- Full employee list
- Team structure
- Board tenure
- Professional contacts
Verified entity values are shown only after access is granted.
Financials of EVage
Figures of Evage Automotive Private Limited, the primary company behind EVage, for FY 2024. Revenue was ₹33.63 Cr (+58910% year on year). Net loss was -₹41.29 Cr (-123% margin). EBITDA was -₹25.29 Cr (-75% margin).
- ₹33.63 CrRevenue · FY 2024 · +58910% YoY
- -₹41.29 CrNet loss · -123% margin
- -₹25.29 CrEBITDA · -75% margin
- ₹1 LakhPaid-up capital
- 136Employees (provident fund records)
Balance sheet, profit and loss, cash flow and ratios of Evage Automotive Private Limited are on its company page.
Detailed financial statements for EVage
Statement rows, ratios, five-year trends and downloadable financials of the group companies require an active premium plan.
- Statement rows
- Financial ratios
- Five-year trends
- Downloads
Verified entity values are shown only after access is granted.
Timeline of EVage
3 dated milestones of EVage across 5 years, from founding to its latest funding, stage changes and deals.
- Founded EVage is founded.
- Funding First funding round of $371K.
- Funding Latest funding round, Seed, of $132K.
Top companies in Electric & Green Mobility
3 companies that operate in the same segment as EVage (Electric & Green Mobility) in India, ranked by their profile score on The Company Check.
| Company | Description | Founded | Location | Total funding | Revenue | Employees |
|---|---|---|---|---|---|---|
Electric ride-hailing and cab services are provided via mobile app. | 2019 | Mumbai, Maharashtra, India | USD 168.52 M | |||
Shared electric two-wheelers are rented via an online platform. | 2017 | Bengaluru, Karnataka, India | USD 187.54 M | USD 2.14 M | 251 | |
Manufacturer of electric scooters, charging infrastructure, smart helmets, and accessories | 2013 | Bengaluru, Karnataka, India | USD 502.02 M | USD 391.37 M | 1,917 |
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Frequently Asked Questions about EVage
EVage was founded in 2019.
EVage is headquartered in Chandigarh, India.
Inderveer Singh Panesar is the CEO of EVage, as recorded in our data. They have also founded this company.
EVage is a funded company, having raised a total of $32.91M across 6 funding rounds to date. The company's 1st funding round was a Angel Round of $370.96K, raised on Aug 2019.
EVage has 136 employees.
The primary company behind EVage, Evage Automotive Private Limited, reported revenue of ₹33.63 Cr for FY 2024, up 58910% year on year.
EVage was founded in 2019 in Chandigarh, India, and operates in the electric vehicle sector. Electric commercial vehicles such as vans, pick-up trucks, minibuses, shuttles, and light electric vehicles are developed by the company. Key features incorporated include a weld-less exoskeleton structure, aluminum composite shell, impact attenuator for shock absorption, linear battery swapping system, modular suspensions, tube-frame design, and motor controllers using advanced vector control algorithms.
EVage offers FR8 Electric Truck and Modular Chassis Platform.
EVage has 11 investors. Key investors include RedBlue, Bio D Technology, Maniv Mobility, S Chand Group, and Onnivation.
EVage operates through Evage Automotive Private Limited.
The legal entities of EVage currently have 3 directors, including Pulkit Srivastava, Inderveer Singh Panesar, Harnoor Kaur.