Detel plans to raise Rs 150 cr

New Delhi: Homegrown brand Detel on Monday said it plans to raise Rs 150 crore by the end of this year to drive in new electric vehicles.

The Gurugram-based company, which has recently unveiled an electric moped, aims to invest the funds on developing new and innovative product lines for tier 2 and tier 3 markets at the most disruptive price without compromising on quality.

With the government's initiatives to make India self-reliant in the area of EV mobility, the company has taken a step ahead to support the government's Make in India campaign to further propel in the EV market with 100 per cent localised EV components, the company said in a statement.

To accelerate the vision of manufacturing EV units in India, the company will be investing in creating R&D facility for the brand and also to establish a manufacturing unit in Gurugram to offer the most economical and Indianised EVs in the market, it added.