Transportation-focused Indian electric vehicle startup, Lithium Urban Technologies Pvt Ltd, may be receiving a new investment worth up to $8 million.

The new funding, which would come from International Finance Corporation (IFC), would help in structuring the company’s systems, as reported by Deal Street Asia. The funding would also be in the form of an equity investment.

“IFC proposes to invest $8 million through compulsorily convertible preference shares as a part of the company’s fund-raising round with additional capital being provided by other investors,” a disclosure from IFC said.

The startup offers corporate clients transportation services via its 350 electric vehicles and fleet management among other services.

Other startups which have begun embracing electric vehicles include, Zoomcar, Ola, and Uber. Since the startup’s founding in 2014, Bengaluru-based Lithium Urban has expanded its national presence from its home city into the Delhi-NCR region as well.

“IFC anticipates that the project will help create jobs for about 8,000-10,000 drivers over the next five years,” the disclosure stated.

In the future, the company plans to expand both the number of electric-vehicles it manages and its geographical presence, with upcoming plans to launch in areas such as Chennai, Pune and Hyderabad.

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