LoI signed for setting up factory in Goa
German Investor ILAFA’s funding has given a big fillip to India’s home grown start up, Goa’s Powerland Agro Tractor Vehicles (ATVs) Private Limited, which is creating ripples in the mature global market of Electric ATVs, electric utvs, quad bike electric, 4×4 electric atv and electric utvs.
Focused on export markets, Powerland has managed to raise a pre-series A round of funding from its German partner ILAFA VERTRIEBS GMBH to scale up its production and maintain its world class quality standards.
The funding partner comes from the Mecca of Automobiles, Germany, which has posed faith in Powerland’s ‘Make In India for the World’ approach.
The company uses direct-drive hub motors to offer unmatched power with maximum efficiency and lower operational cost.
The company has recently signed a Letter of Intent with the Government of Goa for setting up a factory to manufacture 10,000 units per annum and employ over 500 people.
Helmed by the young entrepreneur from Goa, Tej Naik, the fully indigenous brand has disrupted the world market with more than 90% of their exports to the US, Europe and South America. It has reported a robust order book.
Based on the revolutionary ‘In-wheel Motor Technology’, the Powerland brand is taking long strides in a short span of time and aims to reshape the landscape of utility and farming industry vehicles in India and abroad with electric mobility, the company said in a release on 5 Dec 2022.
Tej’s father, Narayan Naik, an ardent fan of automobiles, had a dream of entering the automotive space way back in 2000. ATVs are used in a big way for farming in international markets, India being one of the largest agriculture producing nations, he wanted to import ATVs from one of the largest ATV brands in the world and sell them in India for farm use. However, this dream was left unfulfilled due to the high cost of imports.
In 2014, Tej Naik finished his post-graduation from Cardiff University, Wales, and returned home to fulfil his father’s dream.
As a solution to the problem of infeasibility, Tej decided to manufacture the vehicles locally to cut down the cost and make the product affordable for Indian consumers.
The Powerland brand was incorporated in 2014 and entered the market in 2017 with its 1st road legal Diesel ATV tractor. fiinews.com
