Electric vehicle charging aggregator ElectricPe has secured $5 million in funding. The company will use the money to scale operations, and deepen tech investments.
Electric vehicle charging aggregator ElectricPe has raised $5 million in pre-Series A funding. Green Frontier Capital, Blume Ventures, and Micelio Fund lead the investment.
The financing round was also attended by Dubai-based NB Ventures, Anchorage Capital Partners, Supermorpheus, and Climate Angels.
ElectricPe plans to use the funding to expand its technological investments and expand its operations. To date, the EV startup has raised a total of $8 million, including the present capital.
The news comes more than a year after ElectricPe received $3 million in seed funding backed by Blume Ventures and Micelio Fund.
Anshuman Bapna of Terra.do, Anupam Mittal of Shaadi.com, Arjun Ravi Sheth of Anchorage Capital Partners, Ashish Goel of Urban Ladder, Bhuvan Gupta of OfBusiness, and other angel investors also participated in the 2021 round. The EV firm, founded in May 2021 by Avinash Sharma and Raghav Rohila, provides charging infrastructure to EV consumers around the country.
The electric vehicle firm claims to have established a charging network of 10,000 charging stations in Bengaluru.
Green Frontier Capital managing partner Sandiip Bhammer said, “As e-mobility gains popularity in India, ElectricPe has recognised a major barrier and is trying to enable quick and seamless access to a trusted network of charging points all in one area.”
The EV firm claims that in 7.5 months, its app usage has climbed by 30% month on month and that it has enabled EV customers to charge electric vehicles up to 100 gigatonnes of electricity. According to the startup, the EV sector would increase at a 39% CAGR, with charging infrastructure being a significant driver to growing EV demand.
Shreyas Shibulal, CEO and founder of Micelio Fund, stated, “At Micelio, we focus on products that accelerate the adoption of clean transportation in India. ElectricPe’s expanding commercial success and effort to improve EV efficiency have been demonstrated from its start. We are delighted to support the ElectricPe team once more in order to address the issue of charging infrastructure access and boost consumer happiness.”
In India, the EV company competes with Battery Smart and others. According to a Research And Market estimate, the country’s EV market will exceed $152.21 billion by 2030. By the anticipated period, the industry is expected to increase at a CAGR of 94.4%. It is important to highlight that EV usage has skyrocketed throughout the country. EV registrations more than quadrupled to 6.2 lakh units in 2022, up from 1.5 lakh units the previous year (2021).
Cab aggregator Ola recently announced aspirations to enter the luxury EV segment with a fleet of 10,000 electric vehicles. The unicorn will be tested in Bengaluru in the following weeks.