Tsuyo Manufacturing, a New Delhi-based mobility and EV powertrain startup, has raised $4.5 million in a funding round led by Avaana Capital. The company will deploy the funds to build a greenfield manufacturing facility, establish an R&D centre, and expand export operations to markets across Southeast Asia, Japan, Korea, and Europe.
Building the Backbone of Electric Mobility
Founded in 2020, Tsuyo specializes in the design and manufacturing of electric vehicle (EV) powertrain systems, including motors and controllers for three-wheelers, four-wheelers, trucks, buses, and off-road vehicles such as electric tractors, mining dump trucks, and forklifts.
The startup currently supplies its technology to leading automakers such as Mahindra, Volvo, Eicher, and Sonalika — cementing its role as a core technology provider in India’s EV ecosystem.
Manufacturing Expansion and Patent Portfolio
Tsuyo currently operates two manufacturing facilities in Greater Noida and has supplied over 150,000 powertrain units to date. The company has filed four patents and has 25 more pending, including innovations around hybrid magnet motors designed to eliminate dependence on rare-earth materials, a critical step toward sustainable EV manufacturing.
The company claims its revenues have grown 10× over the past five years, with annual production capacity expanding by nearly seven to eight times since inception. Presently, 95% of Tsuyo’s revenue comes from the Indian market, with exports emerging as the next strategic growth frontier.
Pioneering Sustainable EV Manufacturing
With the new capital, Tsuyo aims to ramp up global collaborations with automakers, accelerate R&D in rare-earth-free technologies, and enhance supply chain resilience for large-scale EV adoption.
The company’s long-term goal is to establish India as a hub for sustainable EV powertrain manufacturing, catering to both domestic and international demand.
