Repos Energy has secured Rs 56 crore from Ratan Tata, and other investors. Ratan Tata is investing in the power distribution startup for the second time.
Repos Energy, a Pune-based energy distribution company, announced on Wednesday that it had secured Rs 56 crore ($7.2 million) in funding from Ratan Tata, chairman Emeritus, and other investors. As part of the pre-series, the new capital According to the firm, the investment round involves a mix of equity and debt.
Repos wants to utilize the capital to grow its product range, enter other areas in the nation, and develop its personnel. The new funds will also allow the firm to invest in cutting-edge technologies like as IoT (Internet of Things), AI (Artificial Intelligence), and blockchain in order to make the energy distribution system completely frictionless in the future, according to the company.
This will also assist the firm in refueling the energy distribution industry for a “carbon-light” tomorrow, as it has already witnessed public demand and a tremendous impact on the environment by decreasing carbon emissions and boosting effective fuel distribution, according to a release from Repos.
Chetan Walunj and Aditi Bhosale Walunj founded the firm, which is presently focused on introducing renewable energy such as ethanol, methanol, and biofuels to its mobile distribution network. “Repos is a well-thought-out idea with excellent implementation.”
Aparajit Subramanian, Co-founder of Repos Energy, stated, “This fundraising will help us realize our aim of bringing energy to the last mile throughout the world.”
The world is heading toward a carbon-neutral future, and Repos Energy is helping to bridge the gap between fuel supply and demand.
Co-founder Aditi Bhosale Walunj said, “Our ultimate objective is to make all clean fuels available with a single phone call and deliver them to our clients’ doorsteps via an e-commerce platform. India’s infrastructure is currently largely reliant on diesel, and it is our job to use it responsibly. In the near future, we will employ this distribution network to supply clean and green fuels to end customers.”
Through its 1,500+ partners and 2,500+ Repos mobile gasoline stations, Repos is present in over 220 cities throughout India.
Ratan Tata, who is investing in the firm for the second time, said, “I wish them the best of luck.”