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EV firm Macstar Auto plans to raise $8 mn to fund R&D, expansion

Mac Auto India, which makes and supplies electric rickshaws and e-carts for garbage collection and other purposes is planning to raise about $8 million to fund its expansion and product development plans, a top executive said.

“We are aiming to raise up to $8 million through equity funding next year,” said Abhijeet Wassan Founder & director, of Macstar Auto India Pvt Ltd. “We are in talks with investors. The funds will be utilized for R&D and to increase our production capacity as well as to get into overseas markets.”

Currently, the company manufactures 30 EVs a day at its facility in Faridabad and the plan is to scale it up to 200 units a day.

The company is also planning to foray into the South East Asian markets in the mid-next year.

“Firstly we want to be in the Philippines through a partnership. We want to set up an assembling facility there. By 2025, we plan to be in Laos, Thailand, Vietnam, and Cambodia,” he said adding the idea is to sell about 10,000 units in those markets.

“We plan to develop new solutions in the cargo space as we have specialized in this segment with a market- leadership position. We want to top into the African market which offers vast potential for growth,” Mr. Wassan said.

He said the company would foray into high-speed e-scooters next year for commercial applications.

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