Funding Announcement
The Chennai Angels (TCA) led a pre‑Series A financing round for Konwert India Motors Pvt. Ltd., a Coimbatore‑based electric‑mobility startup, with participation from existing investors Campus Angels Network, Keiretsu Forum Chennai and Native Angel Network. The capital will be deployed to accelerate sales, broaden the product portfolio and expand operations into additional Indian cities as well as overseas markets.
Business Model and Technology
Konwert specializes in converting existing petrol, CNG and LPG auto‑rickshaws into fully electric vehicles. Its patented, magnet‑free motor and conversion process can retrofit a three‑wheeler in approximately 90 minutes at roughly 50 % of the cost of purchasing a new electric auto‑rickshaw. The retrofit delivers up to 213 km of range on a 10 kWh battery pack.
Driver Benefits and Service Network
The conversion saves drivers an estimated INR 12,000‑15,000 per month on fuel, equivalent to about one‑quarter of a typical driver’s monthly earnings. Post‑conversion, vehicles can be serviced at around 800 myTVS touchpoints across India, and financing is available through four lending partners.
Founder and Investor Comments
Founder Nickendra Manikandan said the round enables scaling to more cities, vehicle types and markets, emphasizing the social impact of higher driver earnings. Deepak Reddy, Lead Investor at The Chennai Angels, highlighted the role of electrifying transport in India’s energy independence and praised Konwert’s ready‑to‑scale processes and partnerships.
Company Background
Founded in 2019, Konwert manufactures electric powertrains and operates in India and Sri Lanka, with plans to develop retrofit solutions for light commercial vehicles. The Chennai Angels, established in 2007, have invested over INR 200 crore across more than 100 startups.