Tirex Transmission, an EV charger manufacturing company announced the infusion of $2 million from an ultra HNI investor.
This $2 million funding will fuel Tirex Transmisson Private Limited's frowth and R&D efforts for international markets where USA is the first country of focus, it said in a press statement.
Founded by Sanskar Patel, Tirex Transmisson Private Limited started its journey in the EV Charger domain in 2017 in Ahmedabad, Gujarat. The company offers global standard EV Chargers (AC and DC chargers) and EV Charging management solutions to meet India's focus on controlling carbon emissions and air pollutants, the statement added.
Given the exponential growth the EV segment is experiencing in the domestic market, and across the world, Tirex Transmission needed funds to scale up operations to make the best of the growth curve. Hence they approached GetFive Corporate Advisors LLP, an Ahmedabad-based boutique Investment Banking and M&A Transaction Advisory firm, for funds raise, it said.
The quick turnaround ensures that the company can now embark on its growth trajectory, estimated to be a minimum 6-7 times the topline growth of the previous financial year.
Sankar Patel, Founder and MD, Tirex Transmission, said, "It was in 2017, on seeing the direction EV was taking, that we embarked on our journey. Now that we have established ourselves well in the industry, it is time to take the leap. That is why we approached GetFive to help us raise funds. Working with them has been a joyride."
Shrikant Goyal, Co-Founding Member and Managing Partner GetFive Corporate Advisors LLP, said, "Given the explosion that the EV segment is experiencing, the value they are creating in the EV charger market is commendable."