Japan-based Terra Motors Raises $10M from Foreign Investors to Expand in Asian Market
Terra Motors has worldwide presence with its wide range of EV products: Two Wheelers and Three Wheelers. It is also in Drone business worldwide. The company is based out of Japan, India, Bangladesh and Vietnam.
Funding Amount & Investors: Japan-based Terra Motors, an electric vehicle startup company has secured $10 million from foreign investors Including Fenox Venture capital (US) which is one of the famous Silicon Valley based venture capital, and other Japanese bank affiliated venture capital investors to accelerate their global expansion.
Future Plans with this funding: The company believes in Make in India concept and aspires of the investment is to finance and accelerate its Asian market growth.
About the company : Terra Motors was founded in April 2010, with the idea of creating commuting solutions using Japanese technology and works on integrity, team work and accountability, without compromising on the quality and speed.
Commenting on global expansion and associated funding, Terra Motors CEO, Mr. Toru Tokushige said, “A rapid and sustainable growth is our long term goal. We are focusing more on Asian Markets like India and Bangladesh, as gasoline is exorbitantly priced in these countries. Therefore, there is an upsurge in demand for 2 wheeler and 3 wheeler electric vehicles in Asia.”
Traction Numbers: Terra Motors claims to be one of the leading companies in terms of small commercial vehicle manufacturing, with a y-o-y growth rate of 180% in Global business and 700% for their Indian portfolio for 2016-17. They have received funding $10M in 2014 from Fenox Venture capital (US), Mizuho Capital and SMBC venture capital.