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EV startup Orxa Energies raised funding from SAR Group

Financial Express   Inc42  

Bengaluru-based EV startup Orxa Energies has raised seed funding from SAR Group's electric mobility arm Lectrix E-Vehicles in return for a significant minority. The collaboration is expected to drive the manufacturing readiness for commercial production of Orxa Energies' flagship all-electric high-performance motorcycle, the Mantis. Orxa will use the SAR group's know-how about the market, distribution, production, and supply chain to launch its first product. The collaboration will also help both companies work on early-stage EV tech. The funds will be used to bring multiple performance EV products into the market and to set up a new manufacturing unit on the outskirts of Bengaluru in the next three to four months. The facility will be capable of manufacturing upto 50,000 units per annum.