Bengaluru-based EV charging associated platform, ElectricPe raises $5 Million in the Pre-series A funding round. The funding round was backed by Green Frontier Capital, Blume Ventures and Micelio Fund. Furthermore, the funding round also saw participation from NB Ventures, Anchorage Capital Partners, Supermorpheus and Capital Angels.
This funding round of $5 Mn takes the company’s total funding to $8 Million.
The startup intends to utilize the $8 Million to deepen its technology investments. Along with this, the funds will also be used to scale up its operations.
Currently, ElectricPe operates only in Bengaluru. The startup claims to have more than 10,000 charging points, which makes it the densest charging network in the city.
ElectricPe was setup in May 2021 by Avinash Sharma and Raghav Rohila. ElectricPe is an EV charging-associated platform that offers B2C EV charging. It views itself as a one-stop solution for Electric vehicles where users can access and pay for EV charging points. The startup’s technology helps users to identify and access the best suitable charging points across the area.
ElectricPe raises funds for growth and expansion
The use of electric vehicles is rapidly growing in India and abroad. People are preferring electric vehicles over petrol and diesel vehicles. Furthermore, it also contributes to green energy and sustainable growth.
ElectricPe has seen tremendous growth in the last 6 to 7 months. The startup has witnessed a 30% increase in usage month to month. Along with the increase in usage, the customers have also extended their support by completing 4 million green kilometers. The company has over 20,000 active users which include a workforce from delivery services and many more. ElectricPe earns money by charging a convenience fee to consumers.
The startup has also joined hands with Hero for providing accessibility to the ElectricPe’s charging network to customers.
India has also seen growth in the use of EVs. Mr. Nitin Gadkari, Minister of Road Transport and Railways, cited the figures in the lower house of parliament last month. There are a total of 1.8 Mn registered Ev users in India. Uttar Pradesh stands at the top of the list with 23% of the total.
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