Orxa Energies, a high-performance electric vehicle and energy systems start-up, has closed its Pre-Series A round funding and has announced its strategic collaboration with Lectrix E-Vehicles Pvt Ltd, the EV arm of the SAR group.
This collaboration will accelerate the much-awaited launch of Orxa’s flagship all-electric high-performance motorcycle – The Mantis.
It will also prime the company’s debut in other electric mobility markets by symbiotically working on several early-stage technologies, the company said in a release.
“Entering into a partnership with Lectrix at this critical juncture in the Mantis product cycle will drive the accelerated manufacturing readiness for commercial production. With access to Lectrix’s experience and network, we will be able to accelerate our launch and go to market,’’ said Orxa Energies Co-founder Dr. Prajwal Sabnis
SAR group is India’s leading industry player in energy storage and clean energy technologies, and the collaboration will give Orxa access to the former’s 35-year-old prowess in developing and producing batteries and EV drivetrains.
This will pave the way for Orxa to bring multiple performance EV products into the market, as it sets up its new manufacturing unit on the outskirts of Bengaluru.
The manufacturing capacity of this facility will boost Orxa’s expansion plans and is large enough to accommodate the at-scale production of the Mantis, which is aligned with the company’s focus to enable pre-orders within the next 9-12months.
“We are simultaneously growing our lean team by nearly 5 times in the coming months, with a focus to strengthen our engineering muscle, and developing similar teams in Production, Quality Control, Supply Chain, and Marketing. In the last few months, we have added 25% to our team and by October 2022, we will have doubled our team size,” added Orxa Energies Co-founder Ranjita Ravi
Orxa has been generating revenues since 2018 and has been growing 6x YoY from their robust B2B business.
The company has raised three rounds of external funding so far and each round of funding has allowed the company to leap to the next stage of development of the Mantis.
This Pre-Series A round of funding will build the momentum for developing the manufacturing capabilities required to ensure that the Mantis’ production will be able to keep up with the projected demand.
