The $5 million Pre-Series A investment round for the electric vehicle charging aggregator ElectricPe has been completed. Green Frontier Capital, Blume Ventures, and Micelio Fund took the lead in the funding round.
The fundraising round included participation from Dubai-based NB Ventures, Anchorage Capital Partners, Supermorpheus, and Climate Angels.
The money will help ElectricPe expand its business and make deeper technological advances. The electric vehicle firm has raised $8 Mn in total to date, including the present round.
The change occurs more than a year after Blume Ventures and Micelio Fund led a $3 million seed fundraising round for ElectricPe.
Anshuman Bapna from Terra.do, Anupam Mittal from Shaadi.com, Arjun Ravi Sheth from Anchorage Capital Partners, Ashish Goel from Urban Ladder, Bhuvan Gupta from OfBusiness, and other angel investors also took part in the round in 2021.
The EV startup, established in May 2021 by Avinash Sharma and Raghav Rohila, provides charging infrastructure to EV users all around the nation.
The electric vehicle startup claims to have established a 10K charging port network in Bengaluru.
“As e-mobility is gaining traction in India, ElectricPe has identified a primary challenge and is working to create easy and seamless access to a trusted network of charging points all in one space,” said Sandiip Bhammer, managing partner of Green Frontier Capital.
The EV startup said that its app usage has increased 30% month-on-month in the span of 7.5 months and has enabled EV users to charge electric vehicles up to 100-gigawatt hours of energy.
As per the startup, the EV industry is anticipated to grow at 39% CAGR, with charging infrastructure being the major contributor to the rising EV demand.
“At Micelio, we lay emphasis on products that boost the adoption of clean mobility in India. ElectricPe’s growing market success and drive to increase efficiency in the EV industry have been proven since its inception. We are excited to once again back the ElectricPe team to solve the issue of access to charging infrastructure and improve customer satisfaction,” said Shreyas Shibulal, CEO and founder of Micelio Fund.
The EV start-up in India faces off against companies like Battery Smart.
By 2030, the country’s EV market is anticipated to surpass the $152.21 Bn threshold, according to a Research And Market research. By the anticipated time, the industry is expected to increase at a CAGR of 94.4%.
It is wise to highlight that the country has seen a dramatic rise in EV use. The number of electric vehicle registrations increased by 4X to 6.2 lakh units in 2022 from 1.5 lakh units registered the year before (2021).
Ola, a taxi aggregator, recently revealed plans to enter the luxury EV market with a fleet of 10,000 electric vehicles. In the following weeks, Bengaluru city will host the unicorn’s pilot test.