Tsuyo Manufacturing Private Limited, a New Delhi-based electric vehicle (EV) component maker, has raised USD 4.5 million in a funding round led by climate-focused venture capital firm Avaana Capital, with participation from several strategic investors. The funding will support the establishment of a new greenfield manufacturing plant, the creation of a research and development centre, and expansion into key international markets including Southeast Asia, Japan, Korea, and Europe.
Founded in 2020 and based in New Delhi, Tsuyo designs and manufactures electric powertrain systems for both on-road and off-road vehicles. Its product range covers motors and controllers for three- and four-wheelers, buses, trucks, mining dump trucks, forklifts, and electric tractors. The company supplies its technology to major automakers such as Mahindra, Volvo, Eicher, and Sonalika.
Tsuyo currently operates two manufacturing facilities in Greater Noida and has delivered about 150,000 powertrain units to date. It holds four patents and has filed around 25 additional patent applications, including innovations in hybrid magnet motors that reduce dependence on rare-earth materials.
Over the past five years, the company’s revenue has grown roughly tenfold, with production capacity increasing seven to eight times. At present, around 95 percent of its revenue comes from the Indian market. The new investment is expected to strengthen Tsuyo’s scale-up plans and accelerate its transition toward export-led growth.
Tsuyo Manufacturing Private Limited was founded by Vijay Kumar, Tripurari Kumar, and Lalit L. Baid. The company focuses on developing advanced electric powertrain systems to support the shift toward cleaner and more efficient mobility solutions.
