Tsuyo Manufacturing Eyes USD 20M to Boost EV Capacity

Tsuyo Manufacturing, a leading EV powertrain maker, plans to raise USD 18-20 million in fresh funding over the next 12 to 18 months.

The capital will be used mainly to carry out capacity expansions and introduce new lines of products in the new company plant to be established in Karnataka. The start-up is a design and producer of powertrain integrated systems such as motors, controllers, and transmission of electric cars based in New Delhi.

The company’s founder and CEO, Vijay Kumar, highlighted that Tsuyo is already in the process of securing the funds. Tsuyo operates two manufacturing plants in Greater Noida and has sold over 200,000 motors. Its product portfolio spans electric motors and integrated powertrain systems, serving OEMs in the three-wheeler segment and expanding into larger vehicle markets.

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Tsuyo is establishing its third plant in Dharwad, Karnataka, where the initial stage will have production of motors to 350kW. The second stage will involve the expansion into bus, truck, and rail projects of higher-power motors.

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The facility will also have a testing track of 2-2.5 acres where OEM will be tested. Already exporting to Sri Lanka, Bangladesh and the Philippines, the company projects a high level of export to 8-10 percent total revenue in the next two years.

Tsuyo has a future of upgrading their commercial and industrial mobility in massive proportions given their target of 100 crore revenue by 2027 with an IPO in sight.