EV charging aggregator ElectricPe closes pre-Series A round at $5 million led by Blume Ventures
ElectricPewill use the combined capital of $8 million to deepen technology investments and scale operations.
- Founded in 2021, ElectricPe has built 10,000 live charging points in Bangalore till date.
- The funding round was led by
Green Frontier Capital, Blume Ventures, and Micelio Fund.
AdvertisementElectricPe, an Indian EV charging aggregation platform, announced on Thursday that it has closed a pre-Series A round of $5 million. The funding round was led by Green Frontier Capital, Blume Ventures, and Micelio Fund, and also saw participation from Dubai-based
The pre-Series A funding round was completed in 12 months after the seed funding round. ElectricPe shared that it will use the combined capital of $8 million to deepen technology investments and scale operations.
"We've received positive consumer response to our offering of a single app to find, use and pay across any charging or swapping station. Our belief has always been in stage-by-stage capitalisation as we ramp up our operations and create a holistic full-stack consumer-facing platform," said
The startup offers EV charging infrastructure to EV users. Since its inception in May 2021, ElectricPe claims to have built 10,000 live charging points in Bangalore. In a span of 7.5 months, the ElectricPe app usage has increased by 30% month-on-month, with customers on the network completing 4 million green kilometres, according to the company’s estimates.
“We are focused on investing in homegrown start-ups which have a strong vision and are proving their ability to provide a unique technology solution to the growing climate change issue. 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/swapping stations all in one space,”
The demand for EVs is expected to grow at 39% CAGR, with charging infrastructure being the major contributor to the rise in demand, the company revealed in a statement.
“The EV sector is growing at a rapid pace and consumers are seeking full stack solutions, in one place. Having a trusted dense network of charging/swapping points to find, use and pay will not only help increase adoption, but also utilisation of charging infrastructure,” said
ElectricPe is a B2C EV charging and demand generation app that offers EV users a one-stop platform to identify, access, and pay for EV charging points to make e-mobility easier. The company claims to have dispensed 100 gigawatt hours of energy.
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