Reva gets $20 m in venture funding
The country?s leading electric car maker is investing in pvt equities with an intention to expand, reports Deepak Joshi .india Updated: Dec 04, 2006 20:02 IST
Bangalore-based Reva Electric Car Company (RECC), the country’s leading electric car maker, said on Monday that it had secured $20 million in private equity investments from Draper Fisher Jurveston (DFJ) and the Global Environment Fund (GEF). Edelweiss Capital acted as exclusive financial advisor to Reva.
The investment represents a strategic intent by Reva to expand and consolidate its position as a leading player in its field and will use the funds to expand its business by increasing its production capacity, developing newer models and further enhancing its international and domestic distribution.
"We are very pleased to have received this significant investment from GEF and DFJ and look forward to their experience in helping us to become global leader in the electric vehicle market.
"This investment has come at a very opportune time and we will certainly use it to leverage our global brand recognition," said SK Maini, Reva's chairman.
H Jeffery Leonard, president and chief executive officer, GEF, who has joined RECC’s board of directors said, “Since 1990, Global Environment Fund has reviewed scores of business plans from electric car companies proposing to displace the internal combustion engine.
"Reva is GEF’s first electric vehicle company investment. We believe that Reva has established itself as a leader in the city car market that is emerging as an important niche in the automotive market, especially in Europe.”