TSUYO Manufacturing

What TSUYO Manufacturing does

TSUYO Manufacturing Private Limited is an Indian electric-vehicle powertrain components company founded in August 2020 and headquartered in New Delhi, with two ISO 9001 / ISO 14001 / IATF 16949-certified manufacturing facilities in Greater Noida, Uttar Pradesh, and a planned 20-acre, ₹250 crore (~$26M) campus in Dharwad-Hubli, Karnataka. The company designs and manufactures electric motors (0.5 kW to 250 kW in-house, extendable to 600 kW through partnerships with CETL and Suzhou LvKON), motor controllers (CAN and non-CAN), converters, instrument panels, gearboxes, axles, and integrated e-axle solutions across BLDC, Interior Permanent Magnet, AC Induction, and Synchronous Reluctance Motor topologies, supported by 29 patentable innovations including two world-first granted patents developed with VNIT Nagpur. The company also offers retrofit conversion services for ICE vehicles (e.g., Tata Ace, Minidor, forklifts, excavators, concrete mixers) and "Motion as a Service" bundled propulsion plus financing for commercial fleets.

TSUYO serves more than 50 OEM customers including Mahindra, Volvo Eicher, Sonalika, JSW Motors, and Greaves Cotton, with cumulative deployments of 200,000+ motors and 300,000+ powertrains across two-, three-, light commercial, heavy commercial, agricultural, and industrial vehicle segments. Revenue is generated primarily through direct B2B sales of hardware (motors, controllers, e-axles) to OEMs, supplemented by technology licensing and co-development (e.g., LvKON), technology transfer and channel distribution through Greaves Cotton's 200 distributors and 8,000 retail stores for L3 components, EV retrofitting services, and aftermarket parts. Pricing is not publicly disclosed and is handled through direct enterprise engagement.

The company is privately held and venture-backed, having raised ₹40 crore (~$4.5M) in a Pre-Series A round led by Avaana Capital in October 2025 with strategic backing from Ramkrishna Forgings Limited, and has stated plans to raise up to $20M more over 12-18 months. Leadership comprises founder-CEO Vijay Kumar, founder-COO Lalit Baid, co-founder-CMO Tripurari Kumar, SVP Finance Naveen Kumar Amar (joined April 2026 from SpiceXpress), and Director In-Charge Sales & Service Prashant Ranjan (joined June 2026). International activity includes exports to Sri Lanka, Bangladesh, and the Philippines, and expansion intent toward Southeast Asia, Japan, Korea, and Europe, supported by selections at VivaTech 2026, Bharat Innovates 2026, and CII CIES Startup Delegation to Japan 2026.

Name

TSUYO Manufacturing

Legal name

Tsuyo Manufacturing Private Limited

Website

https://tsuyo.co.in

Company type

Private

Founded year

2020

Operating status

Operating

Short description

TSUYO Manufacturing is an Indian EV powertrain components company that designs and manufactures electric motors (0.5–600 kW), controllers, gearboxes, and e-axles for OEMs like Mahindra, Volvo Eicher, Sonalika, JSW Motors, and Greaves Cotton across two-, three-, and commercial vehicle segments.

Ownership category

akta.pro rank

Headquarters

HQ city

Delhi

HQ country

India

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Technology or R&D, Infrastructure, Personnel, Operations, Marketing or Sales

Revenue model

1. EV Powertrain Components Sales: Sale of electric motors, motor controllers, power electronics, gearboxes, axles, and e-axle solutions to OEMs and fleet operators. Manufacturing range spans from 0.5 kW to 250 kW with extended solutions up to 600 kW through partnerships.
2. Technology Licensing and Co-Development: Technology partnerships including co-development with LvKON for high-power BEV and HEV solutions, and technology transfer agreements such as the one with Greaves Cotton for low-speed 3-wheeler components.
3. EV Retrofitting Services: Conversion of conventional ICE vehicles to electric powertrains, including retrofitting of light three-wheelers, commercial vehicles, excavators, forklifts, and concrete mixers. Customers include PCL India, EMOSS Netherlands, SANY Thailand, and VRL.
4. Aftermarket Parts and Service: Supply of spare parts and after-sales service operations, with new director appointment focused on domestic market expansion and customer support.

Go-to-market motion4 records

Distribution channels5 records

Marketing channels9 records

Core offering

TSUYO designs, develops, and manufactures electric powertrain components for electric vehicles, including electric motors (0.5 kW to 250 kW, extendable to 600 kW via partners CETL and LvKON), motor controllers, integrated 3-in-1 powertrains, e-axle solutions, gearboxes, converters, and instrument panels. The company supplies these components to EV OEMs (two-wheelers, three-wheelers, LCVs, HCVs, industrial equipment) and also offers ICE-to-EV retrofit conversion services for commercial vehicles, excavators, forklifts, and concrete mixers.

Product overview

TSUYO Manufacturing offers a comprehensive portfolio of EV powertrain solutions centered on electric motors ranging from 0.5 kW to 250 kW (extending to 600 kW through partnerships with CETL and LvKON). The product line spans multiple motor topologies including BLDC, IPM (Interior Permanent Magnet), AC Induction, and SRM (Synchronous Reluctance Motor). The core offerings include electric motors, motor controllers (CAN and non-CAN), converters, instrument panels, gearboxes, axles, and e-axle solutions. Key differentiated products include the 3-in-1 integrated powertrain (motor + controller + gearbox), India's first AMT for electric three-wheelers, and patented magnet-less motor technology. The company also provides retrofit conversion services for transforming conventional ICE vehicles into electric alternatives.

Differentiator

Problem solved

Functional benefit

Products and services

• Electric Motors

Quantifiable outcome

• 200,000+ motors supplied to 50+ OEMs over 4 years
• +3 more outcomes

Named customers10 records

Segments5 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature9 records

Partnerships

Seven partnerships are on record, tiered core, supporting and strategic.

• Greaves Cotton LimitedcoreChannel Partner/ Reseller/ Distributor · 1 April 2024Technology transfer agreement and marketing partnership (April 2024) for L3 components. Greaves manages marketing and sales using their network of 200 distributors and 8,000 retail stores. Supports introduction of advanced BLDC and IPM technology in India.
• Suzhou LvKON Transmission Technology Co. Ltd.coreTechnology or IntegrationDeep cooperation agreement for technology, design, and high-power solutions for BEVs and HEVs. LvKON brings over a decade of experience in automatic transmissions for NEVs and holds 35% of commercial vehicle market share. Partnership extends Tsuyo capabilities up to 600 kW.
• CETL (TERCEL, LVKON)coreTechnology or IntegrationCo-development and co-design partners for cutting-edge high-performance motors, transmissions, and controllers for Indian market. Product range spans from 30 kW to 600 kW.
• Visvesvaraya National Institute of Technology (VNIT), NagpursupportingStrategic or Co-development PartnerAcademic partnership for advance research in electric motor controller design and control methods. Collaborated on patent development for world-first EV motor technologies.
• Indian Institute of Technology Delhi (IITD)supportingStrategic or Co-development PartnerAcademic partnership for advance material research, new motor topology, drive control in electric motor space, and motor controller development.
• National Institute of Advanced Manufacturing Technology (NIAMT)supportingStrategic or Co-development PartnerAcademic partnership focused on advanced material research and new material substitution opportunities in EV space.
• JSW MotorsstrategicStrategic or Co-development PartnerPartnership for JSW's US$3 billion EV development program. Tsuyo supplying powertrain components for this major EV initiative.

Scale indicators10 records

Recent moves8 records

Expansion highlights7 records

Direct peers

• Sona Comstar: India-listed Tier-1 supplier of EV drivetrain and driveline components, including motors and EV-specific parts for passenger and commercial vehicles. Directly comparable as a domestic Indian automotive component manufacturer transitioning into EV powertrains.
• Greaves Cotton: Diversified Indian engine and EV component manufacturer with a strong three-wheeler and last-mile mobility focus. Directly comparable customer and channel partner to TSUYO, addressing the same L3/L5 three-wheeler powertrain market.
• Suzhou LvKON Transmission Technology: China-based technology partner of TSUYO for high-power BEV/HEV solutions, holding 35% of Chinese commercial vehicle transmission market. Closely comparable product portfolio and overlapping OEM customer base, though at a much larger scale and different geography.
• Wardwizard Innovations & Mobility: Indian-listed EV manufacturer focused on two- and three-wheelers under Joy e-bike brand. Comparable as a domestic Indian EV powertrain and vehicle player targeting the same three-wheeler segment.

Broad incumbents

• Tata AutoComp Systems: Large Indian automotive component supplier with a growing portfolio in EV powertrain, motors, controllers, and integrated drivetrains. Operates as a broad incumbent across multiple vehicle segments, including commercial EVs where TSUYO competes.
• Bharat Forge: Major Indian auto component manufacturer with strategic push into EV drivetrain and electric axle solutions for commercial vehicles. Comparable given its e-axle and HCV focus, though at significantly larger scale and broader portfolio.
• Bosch (India): Global Tier-1 automotive supplier with significant presence in India across EV powertrain electronics, motors, and controllers. Comparable as a broad incumbent offering overlapping EV component capabilities, particularly in motor controllers and power electronics.
• Cummins India: Major Indian powertrain manufacturer with growing EV and hydrogen powertrain initiatives. Comparable in the heavy commercial vehicle powertrain space, though currently focused on ICE and emerging alt-fuel rather than pure electric.

Emerging players

• Matter Motor Works: Indian EV startup focused on electric two-wheelers with proprietary motor and battery technology. Comparable as an emerging Indian EV component and vehicle player building indigenous powertrain IP, though focused on two-wheeler rather than three-wheeler segment.

Others

• Ramkrishna Forgings (RKFL): Indian automotive forging supplier and strategic investor in TSUYO. Adjacent ecosystem participant supplying forged drivetrain components and providing capital and customer relationships to the EV powertrain supply chain.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@TsuyoManufacturingPvtLtd
• Facebookfacebook.com/tsuyo.co.in
• LinkedInlinkedin.com/company/tsuyo-manufacturing
• Instagraminstagram.com/tsuyo.co.in

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about TSUYO Manufacturing