Startup funding in India found a new lane on October 23, 2026, as Coimbatore-based Konwert India Motors closed a pre-Series A round led by The Chennai Angels (TCA). Existing investors Campus Angels Network, Keiretsu Forum Chennai and Native Angel Network also put in follow-on capital. The round size was not disclosed.
Retrofitting the vehicles drivers already own
Founded in 2019 by Nickendra Manikandan, Konwert converts petrol, CNG and LPG auto-rickshaws into electric vehicles instead of asking drivers to buy new ones. The retrofit costs roughly half the price of a new electric auto-rickshaw, and a patented process completes the conversion in about 90 minutes.
The economics are the story. Drivers save approximately ₹12,000–₹15,000 a month on fuel — about a quarter of a typical driver's monthly income — and get up to 213 km of range on a 10 kWh battery. Post-conversion servicing is handled through roughly 800 myTVS touchpoints across India, and financing for the retrofit is available through four lending partners.
Scaling phase begins
The capital will fund sales growth, new products and expansion into more Indian cities and overseas markets. Konwert already operates in India and Sri Lanka and is developing retrofit solutions for light commercial vehicles. Lead investor Deepak Reddy of The Chennai Angels said the firm backs the strategic importance of electrifying transport for India's energy independence, and praised Konwert's ready-to-scale product, processes and partnerships.
Why it matters for founders
Retrofitting is the asset-light route to EV adoption — Konwert's half-price conversion with real driver-income math shows investors will fund models where the payback period is the pitch. If your startup makes a green switch cheaper than buying new, say so in the first sentence of your deck.