Terra Motors raises 10 million dollar fund to expand in Asian market

New Delhi [India], May 8 (ANI): Japan-based Terra Motors, an electric vehicle startup company, on Tuesday announced that it has secured USD 10 million from foreign investors, to accelerate their global expansion.

The list of investors includes Fenox Venture capital (US), which is one of the famous Silicon Valley based venture capital, and other Japanese bank affiliated venture capital investors .

Terra Motors has reached the pinnacle of success with the idea of improving the air quality, by designing electric vehicles, specifically two-wheelers and three-wheelers.

The company believes in the 'Make in India' concept and wants the investment to finance and accelerate its Asian market growth.

"A rapid and sustainable growth is our long term goal. We are focusing more on Asian Markets like India and Bangladesh, as gasoline is exorbitantly priced in these countries. Therefore, there is an upsurge in demand for two-wheeler and three-wheeler electric vehicles in Asia," said Toru Tokushige, CEO, Terra Motors.

"We are trying to enhance the technology and the quality of the products by bringing quick charger and lithium battery. We want to deliver excellent service to the customers and are planning to achieve number one position in the electric vehicle sector market share over the next one year," said Akihiro Ueda, Managing Director, Terra Motors.

Terra Motors is one of the leading companies in terms of small commercial vehicle manufacturing, with a y-o-y growth rate of 180 percent in global business and 700 percent for their Indian portfolio for 2016-17.

They had received USD 10 million funding in 2014 from Fenox Venture capital (US), Mizuho Capital and SMBC venture capital. (ANI)

This story has not been edited. It has been published as provided by ANI