Bengaluru-based electric vehicle (EV) charging aggregation platform ElectricPe has set an ambitious target to install 100,000 charging points over the next two years to cater to the growing EV market.
CEO & Co-founder Avinash Sharma in an interview with ET Energyworld said that the platform has seen a rapid increase in user engagement, with 200,000 app downloads and 50,000 active users since its launch in mid-2021.
“We have achieved about 200,000 app downloads, 150,000 sign-ups, and 50,000 active users on the application. We aggregate and manage 15,000 charging points, with about 500,000 kilowatt-hours of energy dispensed. That’s customer side consumption until now, and these are the key metrics we use to measure success. All of these parameters are growing every month at an average rate of about 30%,” he stated.
The Bangalore-based company, currently operating in Bangalore, aims to expand its charging points from 15,000 to 20,000, with further growth to 25,000. The primary focus for the current financial year is enhancing user experience. Over the next 18 months, ElectricPe plans to extend its operations to three additional cities, each with around 25,000 charging points.
“In two years from now, which includes 6 months for Bangalore and another 18 months for three additional cities, we anticipate having about 100,000 charging points on the platform,” said Sharma.
Utilization metrics are at the forefront of ElectricPe’s strategy, with an uptime of 97% and a utilization rate of 42%, both considered industry-leading figures. Sharma highlighted the importance of building trust through reliability and user-friendly payment systems.
“From a density perspective, there is currently one petrol pump for every 3.4 square kilometers, while there is one charger available on the ElectricPe app for every 0.05 square kilometers, marking a density 67 times higher,” he said.
ElectricPe has successfully raised USD 8 million in the past 12 months. According to Sharma, the revenues exceed the funds that have been raised. He expressed confidence in becoming profitable within the next quarter and affirmed that the company is currently well-funded. Future capital needs will be assessed only if expansion into additional cities becomes a strategic decision.
Sharma projected a promising long-term growth outlook, anticipating utilization levels reaching 90% in the future, driven by the increasing demand for electric vehicles and ElectricPe’s high uptime.
Commenting on government policies, Sharma applauded FAME 1 and FAME 2 for their success in driving EV penetration. Looking ahead to FAME 3, he expects a shift toward more emphasis on charging infrastructure, a positive step for the industry.
