CHENNAI: An NIT-Tiruchy incubated start-up, Blaer Motors, has received a funding of Rs 2.61 crore from The Chennai Angels (TCA), angel investment group, the firm announced on Monday. Founded by four engineering students in 2014, Blaer Motors builds and develops technological solutions in transportation and mobility space.
The company focusses on developing clean, smart, and efficient solutions that are cost-efficient to meet the needs of the customer. Blaer has been working on hybrid and electric drive-train solutions for two-wheelers and three-wheelers and collaborating with multiple OEMs for commercialising the drive-train solutions. The company plans to utilise the fund mainly for infrastructure development, strengthening its research and development team and technology development.
Abinesh Ekambaram, co-founder of Blaer Motors, 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. Our focus now is to further optimise our hybrid technologies for motorcycles and expand our product portfolio into three-wheelers and light commercial vehicle market,” quoted a statement issued by the company.
The company aims to grow into an indigenous technology provider in the automotive industry, which is dominated by European companies. Vasantha Kumar, investment director, The Chennai Angels, who led this round of fund raiser, said “Blaer Motor’s hybrid technology will help in both enhanced performance and fuel efficiency of the vehicles. This innovation will have a huge impact on domestic market,” said TCA in a statement.