Punjab-based Indian electric vehicle (EV) start-up Vegh has raised $5 million in a strategic pre-series funding round. The investment round was led by an undisclosed investor. 

The company will utilise the fund to meet its working capital needs. In addition to this, it will create a robust sales and distribution network and will expand its manufacturing capabilities for EV parts. The company will also invest in research and development initiatives.

Founded in 2021 by Sumeet Gupta, Pragya Goyal, Kamalchand Bothra, Ashkaran Bothra and Namrata Gupta, Vegh aims to create a sustainable mobility ecosystem. It is also pursuing an expansion strategy to become a dominant player in the electric vehicle (EV) industry. 

According to a company statement, Vegh boasts a state-of-the-art manufacturing facility in Bathinda, Punjab, which also serves as its research and development hub and has a production capacity of 60,000 units per year. It is eying to scale its operation by three times in the future. 

"We are thrilled to secure this investment in our pre-series round, which reflects the confidence and support we have garnered from our investors. The funds will be instrumental in driving Vegh's expansion plans, strengthening our sales and service network, and establishing Vegh as a leading EV brand in India," said Sumeet Gupta, Founder and Managing Director.

"We are committed to our Make in India vision and are excited about the future of electric mobility. In the first phase of its expansion strategy, we aim to penetrate 12 states with a robust sales and service network,” said Pragya Goyal, Co-Founder and CEO of Vegh.