Angel investment group, The Chennai Angels (TCA) on Monday announced an investment of Rs 2.61 crore in Blaer Motors, an NIT-Trichy incubated startup based in Chennai.
Abinesh Ekambaram, Co-founder, Blaer Motors, said,
“This is our first round of external investment. We are thankful to our investors for believing in Blaer and we value their expertise in the automotive industry, which will help us to further our products and business strategies and strengthen our position in the market.”
“Blaer Motors will be utilising this fund mainly for infrastructure development, strengthening of our R&D team and technology development. Our focus now is to further optimise our hybrid technologies for motorcycles, and expand our product portfolio into three-wheelers and LCVs. We want to establish Blaer as an indigenous technology provider in the automotive industry, which is dominated by European companies.”
Founded by four engineering students in 2014, Blaer Motors builds and develops technological solutions in the transportation and mobility space. The company focuses on developing clean, smart and efficient solutions that are cost efficient to meet the needs of the consumer.
Blaer has been working on hybrid and electric drivetrain solutions for two-wheelers and three-wheelers and collaborating with multiple OEMs for commercialising the drivetrain solutions.
The Chennai Angels’ investment director, Vasantha Kumar, Head Business Development, ABAN Infrastructure Ltd, who led this round of fundraise added,
“Blaer Motors came across as an innovation driven and technologically robust company working on developing hybrid technology for two and three-wheeler vehicles. This hybrid technology will help in both enhanced performance and fuel efficiency of the vehicles. India being the world’s largest two and three wheeler market, this innovation will have a huge impact on the domestic market.”
According to Chandran Krishnan, CEO of The Chennai Angels, “TCA is betting on Blaer Motors because we share their vision of sustainable transportation and mobility. We believe that there is a bright future for this company in the automobile space as their technology is advanced and reduces cost in acquiring hybrid vehicles in India.”