Bengaluru-based electric mobility start-up Pravaig Dynamics plans to invest up to $50 million (approximately Rs 400 crore) to develop its first product, SUV Defay.
The company plans to launch the vehicle in the second quarter of 2023 and gear up to compete with Mercedes Benz EQC and Audi e-Tron in the Indian market.
Siddhartha Bagri, the chief executive officer (CEO) of Pravaig Dynamics said that the EV segment is witnessing a growing awareness of the consumers. Hence, there is a massive potential for companies to run a business successfully in the sector.
The electric vehicle (EV) segment in India is seeing momentum with multiple start-ups showing an inclination getting keen to take on big players like Bajaj. In the first season of the Shark Tank India reality show, several start-ups bagged investments for their ideas for the EV sector.
Pravaig Dynamics aims to expand its global markets by starting operations in Europe and the US within two years. The company hopes to achieve 70 per cent of its net sales from international markets.
