Ramkrishna Forgings

Oct 29, 2025

SHARE SUMMARY Tsuyo Manufacturing has secured INR 40 Cr in its pre-Series A funding round led by Avaana Capital The startup will use the capital to set up a greenfield manufacturing facility, ramp up R&D, and scale-up innovations for heavy commercial vehicle electrification and retrofit solutions Founded in 2020, Tsuyo designs, develops, and manufactures electric motors, controllers, and integrated powertrain systems EV powertrain solutions provider TSUYO Manufacturing has secured INR 40 Cr (around $4.5 Mn) in its pre-Series A funding round led by Avaana Capital. In a statement, Tsuyo said it will use the fresh capital to set up a greenfield manufacturing facility, ramp up R&D, and scale-up innovations for heavy commercial vehicle electrification and retrofit solutions. The new facility will be Tsuyo’s third manufacturing unit, dedicated to producing high-wattage electric motors (up to 250 kW) and transmission assemblies. It will also house a vehicle testing track and advanced end-of-line validation systems compliant with PM E-DRIVE and FAME standards. Meanwhile, the new R&D centre will concentrate on power electronics, embedded systems, and prototype development. Founded in 2020 by Vijay Kumar, Tsuyo designs, develops, and manufactures electric motors, controllers, and integrated powertrain systems. The startup counts more than 25 original equipment manufacturers, including Mahindra, Eicher-Volvo, Sonalika, and Hero, among its clients, and claims to have delivered over 1.5 Lakh units since inception. Beyond domestic growth, Tsuyo said it is looking to expand in Southeast Asia, Japan, Korea, and Europe. In 2022, Ramkrishna Forgings’ board approved an investment of INR 100 Cr in Tsuyo over the next five years to acquire 51% stake in the startup. As per the listed company’s FY25 annual report, it invested INR 10 Cr via optionally convertible debentures (OCD) in FY24 in Tsuyo. “In the current year, the Holding Company entered into a settlement agreement to redeem the OCDs as per the prescribed schedule… The Holding Company has redeemed 30,000 OCDs amounting to INR 3 Cr in the current year and expects to redeem around 55,000 OCDs amounting to INR 5.5 Cr in the financial year 2025-26,” the report said. India’s EV components manufacturing sector is seeing robust expansion, driven by the broader electrification push in mobility and significant government backing. Critical components such as advanced-chemistry battery cells, power electronics and rare-earth magnet motors are still heavily imported, which raises cost and supply-chain vulnerabilities. The localisation drive provides major opportunities for domestic manufacturers. Investors are actively backing startups to capitalise on this opportunity. For instance, battery tech startup Xbattery raised $2.3 Mn in its seed funding round led by Bipin Patel Family Office last month. Earlier this year, The Energy Company secured $2 Mn in its pre-Series A funding round co-led by Siana Capital, Callapina Capital, Z21 Ventures, 1Crowd and LetsVenture. Latest Funding Rounds