Ahmedabad based Tirex Transmission Secures funding of $2 Million

TIREX Transmission, a firm focused on  EV charger manufacturing has announced the infusion of $2million from an ultra HNI investor.

This $2 million funding will fuel Tirex Transmisson Private Limited’s Growth and R&D efforts for international markets where USA is the first country of focus.

Founded by Sanskar Patel, Tirex Transmisson Private Limited started its journey in the EV Charger domain in 2017 in Ahmedabad.  The company is one of the pioneers in the EV Charger Industry for DC fast chargers. With its skilled team of Engineers, cloud-based CMS (charger management system), and a fully equipped R&D facility, Tirex Transmission claims to be a supplier of choice for DC chargers for Govt, Private & MNC companies. The company offers EV Chargers (AC and DC chargers) and EV Charging management solutions.

With the fresh funding, the company hopes to deliver on topline growth of  6-7 times  the previous financial year.

The support from the yet to be identified HNI (High Net Worth Individual) investor  indicates just how the smart money in the sector has zeroed in on charging firms too, even as attention has been grabbed by EV manufacturing firms and battery makers.

According to a Niti Ayog Report in January 2022, the EV sector has seen announcements to invest a total of over Rs 48,000 crores (US$6.5 billion) in electric vehicles, components, and battery manufacturing; electric vehicle supply equipment (EVSE); research and development (R&D); and deployment in 2021. This is besides the PLI scheme for ACC batteries for RS 18,500 crores, (already awarded), and the PLI scheme for automotive manufacturing focusing on EVs and hydrogen fuel cell vehicles worth Rs 26,058 crore.

With the Draft battery swapping policy just released today, and action on the EV charging network picking up seemingly every week, it is safe to assume that funding news and announcements in the sector will also pick up pace.