New Delhi-based electric mobility startup Tsuyo Manufacturing has secured $4.5 million (₹37.5 crore) in funding led by Avaana Capital, aimed at accelerating its global expansion and manufacturing capabilities.
Founded in 2020, Tsuyo specializes in designing and manufacturing core powertrain systems for electric vehicles, including motors and controllers used in three- and four-wheelers, trucks, buses, and off-road vehicles such as forklifts, mining dump trucks, and electric tractors. The company counts major automakers such as Mahindra, Volvo, Eicher, and Sonalika among its clients.
The fresh capital will be directed towards establishing a greenfield manufacturing facility and a dedicated R&D centre to drive innovation in EV powertrains. Tsuyo also plans to expand its export operations and partnerships across Southeast Asia, Japan, Korea, and Europe, marking a key step in its transition from a domestic supplier to a global EV solutions provider.
Operating two units in Greater Noida, Tsuyo has already delivered around 150,000 powertrain units and holds four patents, with 25 more pending — including breakthroughs in hybrid magnet motors designed to eliminate dependence on rare-earth materials.
Over the last five years, the company has reported a 10× growth in revenue, with its production capacity expanding nearly 8-fold. Currently, 95% of its revenue is generated from the Indian market, but the firm’s upcoming global push aims to diversify this footprint significantly.
With its focus on innovation-led manufacturing and sustainable technology, Tsuyo is emerging as one of India’s most promising players in the electric mobility ecosystem — driving the nation’s vision for cleaner and more self-reliant transportation.
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