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Indigo Technologies is preparing to raise a $300 million Series C to build electric delivery vans and taxis equipped with a motor and suspension in every wheel, Axios has learned. 

Why it matters: The startup is skipping individual buyers to chase fleet customers — a pivot shaped by earlier EV startup failures.

The big picture: Few sectors in climate-tech experienced a swifter collapse during the 2020-2022 boom-bust cycle than electric mobility. 

Startups such as Canoo, Mullen, Lordstown, Electric Last Mile and Fisker learned that mass-manufacturing a heavily regulated product, selling it to price-sensitive consumers, and carving market share from deep-pocketed incumbents is enormously difficult and expensive. 

The latest: Indigo has joined a small crop of EV startups that have applied those tough lessons in what might be considered EV 2.0 — in part by focusing exclusively on business customers. 

Driving the news: The Woburn, Massachusetts-based company is developing vehicles that use in-wheel hub motors and suspension for faster assembly, a softer ride, and larger interior, director of operations Cory Byrnes tells Axios.

It expects to begin raising its latest equity round in the second or third quarter of this year, eyeing final close by the end of this year, he says. 

Follow the money: The round comes after a $54 million Series B in April. 

Indigo has raised $163 million since launching in 2010 from investors like FedEx, Foxconn, and FM Capital.  

State of play: The company is developing vehicles in two sizes:

The 772-pound Dash last-mile delivery van with a conventional rear-axle motor, priced at $27,900 with about 140 miles of range. 

And a larger Flow van with in-hub motors, roughly the size and shape of Ford's discontinued Transit Connect, outfitted as a $43,000 delivery vehicle or a $53,000 three-row taxi with 200-250 miles of range.

"No axle, no exhaust, the only thing under the car is the battery," Byrnes says. "It allows us to open up the interior."

What's next: Indigo has signed "four-digit purchase orders" with "a handful of customers," he tells Axios. 

The company expects to begin production in 2027 at a Foxconn plant in Ohio.

Exclusive: Indigo to raise $300M for EV vans and taxis

The startup is skipping individual consumers to focus on businesses.

A photo of two Indigo Technologies electric delivery vans, taken from the front driver's-side quarter panel, parked on the street outside Fenway Park.

The startup's Flow vans can be equipped for delivery or ride-hail services. Photo: Alan Neuhauser/Axios

Indigo Technologies is preparing to raise a $300 million Series C to build electric delivery vans and taxis equipped with a motor and suspension in every wheel, Axios has learned. Why it matters: The startup is skipping individual buyers to chase fleet customers — a pivot shaped by earlier EV startup failures.

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Exclusive: Indigo to raise $300M for EV vans and taxis

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