New Delhi: The Bengaluru-based EV charging startup ElectricPe on Thursday said it has raised a Seed Round of $3 million.
The funding is led by Blume Ventures and Micelio Fund, and the startup will utilize the capital to further develop its deep-tech platform to enable easy access to affordable charging points via the ElectricPe App.
Co-founded by Avinash Sharma and Raghav Rohila in May 2021, the company is working to make access to charging points simple and efficient with technology.
According to the startup, it has a B2C EV charging and demand generation app that offers EV users a one-stop platform to access EV charging points, which also tracks real-time usage, ensuring a trusted network wherever and whenever they need it. Being OEM agnostic, it partners with a nationwide network of EV charging points and independent charge point operators and onboards them onto the ElectricPe platform.
Avinash Sharma, co-founder and CEO, ElectricPe, said, “Using our proprietary technology and platform approach, we aim to solve for ‘trust’, which an EV user requires when looking for charging services. With rising fuel prices and favorable Government incentives, the EV revolution has already begun, and our vision is to enable affordable and clean charging for all. We are taking an ecosystem approach by working with all industry stakeholders, thereby making adoption more seamless.”
Arpit Agarwal, director, Blume Ventures, said, “We are particularly excited about partnering with Avinash and Raghav on their journey to take India successfully into the new world of EVs, as the main reason for the slow adoption of EVs in India is the lack of charging infrastructure. Unfortunately, it is also a catch-22 situation as charging infrastructure providers won’t invest unless they see demand, and consumers won’t buy vehicles until they see the infrastructure. ElectricPe is looking to disrupt the market by bridging this gap.”
Shreyas Shibulal, founder and director, Micelio Fund, said, “A hockey stick growth in the adoption of EVs in India can’t be achieved without affordable charging solutions that are ubiquitously available. Most vehicles are either parked at home or in offices for more than 20 hours a day. These vehicles need low-cost charging solutions. We were fascinated by ElectricPe’s vision to address this shortcoming in the market. They bring in the right operational and technical expertise required to solve this issue at scale.”
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The fund will be utilised to strengthen its Battery Assignment Technology, scale its operations to service 10,000 electric vehicles daily, and expand to three new states by FY22, the company said.
These charging hubs will cater to the charging and maintenance of vehicles and come with a control panel for the fleet operators to manage and supervise the state of charging, charging schedule, and vehicle service schedule, Magenta said.