Angel investment group, The Chennai Angels (TCA), has announced an investment of Rs 2.61 Crore in Blaer Motors, an NIT-Trichy incubated startup based in Chennai.
Founded by four engineering students, Blaer Motors builds and develop 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, a release said.
Blaer has been working on Hybrid and Electric drivetrain solutions for 2-wheelers and 3-wheelers and collaborating with multiple OEMs for commercialising the drivetrain solutions.
The Chennai Angels’ Investment Director Vasantha Kumar, Head Business Development, ABAN Infrastructure, who led this round of fundraise said, “Blaer Motors came across as an innovation driven and technologically robust company working on developing hybrid technology for two & three-wheeler vehicles.”
“This hybrid technology will help in both enhanced performance and fuel efficiency of the vehicles. India being the world’s largest 2 & 3 wheeler market, this innovation will have a huge impact on domestic market. I believe that Blaer Motors is uniquely positioned to tap the ever-emerging opportunities in the sector,” he added.
Blaer Motors Co-founder Abinesh Ekambaram said, “This is our first round of external investment and we are very excited about this partnership with The Chennai Angels who share our vision towards sustainable mobility.”
“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 3-Wheelers and LCVs,” he added.