Green Frontier Capital, an early-stage VC fund with operations in India and the US, has led a USD 3 million pre-series A round for ElectricPe, India’s EV super-app, alongside Blume Ventures, Micelio Fund, and NB Ventures.
This investment aims to bolster ElectricPe’s growth and innovation, helping it to expand its comprehensive EV services to new regions.
The funds will support ElectricPe in solidifying its position as a go-to solution for EV users. ElectricPe’s Super App enables users to locate, access, and pay for diverse EV charging points, alongside offering a selection of E-2 wheelers in their multi-brand stores. These stores also provide EV financing, servicing, and subscription plans.
“Green Frontier Capital is committed to backing innovative companies that are shaping a sustainable future. ElectricPe’s comprehensive approach to addressing the challenges in EV adoption aligns perfectly with our investment thesis. In just a few years, ElectricPe has achieved strong user acceptance and trust. We have also witnessed significant growth on its platform and are on the path to profitability. We’re excited to support ElectricPe in their growth journey,” Sandiip Bhammer, Managing Partner of Green Frontier Capital, said.
Since its founding in 2021, ElectricPe has aimed to simplify EV ownership, showing substantial growth and customer trust. The platform operates over 25,000 public chargers, the largest network in India, and boasts a 30% month-on-month growth rate with over 28 million green kilometers facilitated for its users. In Bangalore, it captured over 15% of the market share for personal EV 2-wheeler sales in less than 8 months.
Avinash Sharma, co-founder and CEO of ElectricPe, said, “Our goal is to drive EV adoption by consolidating everything in one place—charging, EV buying, and servicing. We have always believed in stage-by-stage funding, and this USD 3 million investment marks the closure of our pre-series A round at USD 8 million, which began last year with USD 5 million. ElectricPe will continue to address the gaps in the sector and build ‘the defacto’ single platform to cater to all EV needs for our customers.”
ElectricPe’s comprehensive Super App uniquely addresses the fragmented nature of the EV ecosystem in India. The app not only provides charging solutions but also facilitates EV purchases and maintenance, making it a one-stop shop for EV users.
Adding to its achievements, ElectricPe was selected as a core partner to bring EV charging stations to Google in India. This collaboration allows Google users to view real-time availability and status of charging points. The feature is a world-first specifically for two-wheelers and will be available on both Google Maps and Google Search, with plans for expansion to other regions.
The pre-series A round, closing at USD 8 million, follows ElectricPe’s earlier success in raising USD 5 million last year. The company is on a trajectory to fill the gaps in the EV sector and aims to be the primary platform for EV users’ needs.
