In a statement, the company said the MoU was signed by its chief executive Siddhartha Bagri and Mansour Alsanooni, CEO of Saudi India Venture Studio, on the concluding day of the G20 YEA India Summit 2023 last week.
Last year, the startup unveiled two models of electric SUVs. It also specialises in battery manufacturing. Saudi India Venture Studio is a Saudi government-backed investment company that aims to accelerate the electric automotive industry in Saudi Arabia.
The MoU provides for exploring co-development, supply, and service special purpose vehicles, including EVs, AI-driven solutions, advanced batteries, and energy storage solutions, the statement said.
“By combining Pravaig’s expertise with the Kingdom of Saudi’s invaluable support and strategic guidance, we are poised to unlock unparalleled economic opportunities of $31 billion+ across international markets,” the statement said.
The agreement provides for Pravaig and Saudi India Venture Studio leveraging each other’s strengths, expertise, and resources.
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“This MoU is in harmony with Saudi Arabia’s Vision 2030, led by Crown Prince Mohammed Bin Salman, aimed at deepening the private sector’s strategic investment relationship with India”, said Alsanooni. “With the ministry of investment’s meticulous guidance, Saudi India Venture Studio aligns with Invest Saudi, forging a streamlined path into MENA. The partnership with Pravaig sparks a symphony of investment opportunities and entrepreneurial ventures, propelling the Kingdom’s technological evolution in the EV, battery, and AI sectors.” Bagri said the coming together of the two is to create prosperity for all is the goal.
“This milestone represents the possibility to shape the global technology landscape in our common destiny and values,” he said. “Our shared vision will enable us to deliver groundbreaking ideas and transform people’s relationship with technology.”
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