Deal Alert: Rural utility vehicle maker Evomo raise funds from IIM-A’s CIIE

Ahmedabad based Evomo Research & Advancement Pvt. Ltd, a rural transportation enterprise, has raised funds from IIM Ahmedabad’s Centre for Innovation Incubation & Entrepreneurship (CIIE). The company will use the funds to refine its business model, develop new strategies and begin taking pre-orders.

Evomo, launched in 2010 Abhinav Das, designs and manufactures low-cost Rural Utility Vehicles (RUV) to replace illegal and dangerous transportation contraptions like Jugaads and Chakkdas.

From the Venture Intelligence Incuabtion Deal database: In January 2013 IAN Incubator incubated Evomo Research & Advancement which was earlier incubated at the National Institute of Design.

Source: Nextbigwhat

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