Tsuyo Manufacturing raises $4.5 Mn round led by Avaana Capital

New Delhi-based mobility startup Tsuyo Manufacturing has raised $4.5 million in funding in a round led by Avaana Capital. 

The funds will be used to build a greenfield manufacturing facility, set up an R&D centre, and expand export operations and partnerships with automakers across Southeast Asia, Japan, Korea, and Europe. 

Founded in 2020, Tsuyo designs and manufactures core powertrain systems for electric vehicles, covering motors and controllers for three- and four-wheelers, trucks, buses, off-road vehicles such as mining dump trucks, forklifts, and electric tractors. The company supplies to automakers including Mahindra, Volvo, Eicher, and Sonalika. 

Tsuyo currently operates two manufacturing units in Greater Noida. To date, it has supplied about 150,000 powertrain units. It has filed four patents, and has around 25 patents pending, including motors using hybrid magnets with no reliance on rare-earth materials. 

The firm claims to have reported that its revenue has grown by 10× over the last five years, and its annual production capacity was roughly 7-8 times higher than when it began. Currently, 95% of revenue comes from the Indian market.