Strom Motors gets angel funding to bolster leadership status

Mumbai-based smart mobility start-up Strom Motors (E14 Technologies Pvt Ltd) Thursday said it has secured angel funding from Indian Angel Network (IAN).

The investment would help Strom Motors consolidate its leadership position in the technology-enabled mobility industry, setting up product sales, accelerate its geographical expansion and increase its consumer base across markets, a press release said here.

However, Strom Motors has not disclosed the financial details of the funding. IAN members Neeraj Garg, Sanjay Bhasin and Anirudh Agarwal would also be a strategic member on the board of Strom Motors, a press release from the company said here.

Founded in 2011 by Pratik Gupta (founder & CEO), Jean-Luc Abaziou (co-founder, strategy advisor) and Dr Gilmer Blankenship (co-founder, technical advisor), Strom Motors aims to redefine urban mobility and re-invent Indias personal transportation through its smart electric car.

Earlier this year, the company unveiled Strom-R3.

Strom-R3 is a fully air-conditioned, two-seater reverse trike with a compact design, premium interiors and a high-torque electric drive-train that has been designed to be a perfect vehicle for densely populated cities like Mumbai, Delhi and Bengaluru, the release said.

Strom Motors would also be utilising the funds to set up its assembly plant in Mumbai for Strom-R3 which has already received over 100 pre-orders from the Maharashtra region, it said.