Japan-based Terra Motors Raises $10M from Foreign Investors to Expand in Asian Market

Funding Amount & Investors: Japan-based Terra Motors, an electric vehicle startup company has secured $10 million from foreign investors Including Fenox Venture capital (US) which is one of the famous Silicon Valley based venture capital, and other Japanese bank affiliated venture capital investors to accelerate their global expansion.

Future Plans with this funding: The company believes in Make in India concept and aspires of the investment is to finance and accelerate its Asian market growth.

About the company : Terra Motors was founded in April 2010, with the idea of creating commuting solutions using Japanese technology and works on integrity, team work and accountability, without compromising on the quality and speed. 

Commenting on global expansion and associated funding, Terra Motors CEO, Mr. Toru Tokushige said, “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 2 wheeler and 3 wheeler electric vehicles in Asia.”

Traction Numbers: Terra Motors claims to be one of the leading companies in terms of small commercial vehicle manufacturing, with a y-o-y growth rate of 180% in Global business and 700% for their Indian portfolio for 2016-17. They have received funding $10M in 2014 from Fenox Venture capital (US), Mizuho Capital and SMBC venture capital.

Also Read: A Case for the Emergent Electric Vehicle Policy of the Government of India

Competition & Recent updates in the Indian EV Ecosystem:  

- Swedish EV startup Uniti has raised an undisclosed amount of funding from India-Based Anthill Ventures. This investment will bring in awareness and opportunity for consumers to experience a modern 100% electric car that is safe, agile and suitable for Indian roads. 

- India and Japan agreed to initiate discussions on the development of electric vehicles (EVs) by collaborating at a policy dialogue on next generation zero emission vehicles . 

- At the recently concluded Goa Startup and Innovation Day summit, Minister Rohan Khaunte announced to launch an electric vehicle policy soon. 

- Last month, Ola has announced "Mission: Electric", with a commitment to place 10,000 E-rickshaws and Electric auto-rickshaws in its service in the next 12 months. 

- Last month, Mahindra Electric and Zoomcar collaborated to offer self-drive EVs on rent in Delhi

- In November 2017, Uber announced a collaboration with Mahindra & Mahindra Ltd. to explore the deployment of electric vehicles (EVs) on the Uber platform in several cities across India.