Swytchd, an EV startup, has raised $553,000 in a seed round funded by the network of angel investors known as Keiretsu Forum.
Several other investors, including Let’s Venture, Venture Catalyst, and Beej Network, took part in the round. The Bengaluru-based business announced that it will utilize the money to increase staff and grow operations and marketing. The expansion of the fleet will benefit from the funding as well.
Sameer Arif, Founder and CEO said “ We couldn’t be happier with our first round of external raise through such a supportive group of investors.
Our vision is to hand-hold the transition to electric vehicles for customers by reducing upfront costs, provide flexibility vs. the current EMI model and make vehicle ownership, trouble free. All the benefits, none of the hassle. We’ll be using the funding to expand employee base, operations and marketing, he added.
This equity funding will also help us expand our vehicle fleet size and we are fortunate to already have fantastic partnerships with existing OEMs and financiers, the company said in a post on LinkedIn.
About Swytchd
Swytchd is a platform for the subscription of electric vehicles that was established in 2021 by Sameer Arif.
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