New Delhi: Servotech EV Infra Pvt. Ltd., a subsidiary of the EV charger and solar products manufacturer, Servotech Power Systems Ltd., has diluted 6% equity at a pre-money valuation of INR 200 crore to finance its growth plans.
Servotech EV Infra will also establish Proof of Concept (POC) sites at 10 strategic locations in North India within 100 days. Each EV charging station will cost around INR 15 to INR 25 lakh depending on the charger capacity and the number of chargers to be installed, the company said.
To spearhead this new chapter, Servotech EV Infra has appointed Prem Prakash as its Chief Executive Officer (CEO), and Neeraj Gupta as its AVP Operations.
Prem Prakash, with a career spanning 22 years across diverse industries, including Consumer Durables, FMCG, Media & Entertainment, E-Commerce, and Fintech, will successfully take the company to a new level.
Before joining Servotech EV Infra, he was a former board member at ICMA Global and Ex Board of Director at CapitalVia Global Research Ltd. and LeanOD Technologies. He has also worked with renowned companies like Ramco Group, IMC-Business Global – Europe, Dish TV, Kansai Nerolac Paints, Bharat Matrimony, and USHA International where he achieved notable successes.
Neeraj Gupta has 24 years of rich experience across diverse industries including EV Charging, Telecom services, Hospitality and BPOs, and brings a wealth of experience and leadership to his new role. Gupta will be leading all the operations of the Servotech EV Infra. Additionally, he will ensure customer service performance, and lead a cohesive team of senior managers in operations with consistent employee engagement across levels.
Implementation and development of annual operating plans to ensure increased revenue & profits, considering cross-functional and digitization initiatives to strengthen the business will also become core responsibilities of his work profile. Prior to his arrival at Servotech EV Infra, he was serving as a General Manager in Tesco Charge Zone Ltd. (ChargeZone), Bharti Airtel, Timbl Broadband, Nextra Teleservices, and HCL Technologies.
Raman Bhatia, Founder and Managing Director, Servotech Power Systems,said,“The strategic equity dilution marks a pivotal moment for Servotech EV Infra, providing essential resources to fuel our ambitious growth plans. This investment not only signifies the confidence investors have in our vision but also underscores the crucial role it plays in accelerating the development of India’s EV charging infrastructure. This equity infusion is a testament to our commitment to innovation and sustainability, and we are excited about the impactful journey that lies ahead.”
“As we welcome the seasoned leaders Prem Prakash and Neeraj Gupta to steer Servotech EV Infra, we are confident that their extensive experience and visionary leadership align seamlessly with our company’s mission and goals. We believe that under their guidance, Servotech EV Infra will continue to thrive and innovate in the rapidly evolving landscape of electric vehicle charging infrastructure. We look forward to a successful and impactful journey ahead with Prem and Neeraj at the helm”, he added.
