This Bengaluru startup is looking to set up 1 million EV chargers in next three years, raises $4 million
Revos plansto set up a million EV chargersacross 500 cities over the next three years.
- Union Square Ventures and Bengaluru-based Prime Venture Partners participated in its Series A round.
- It has deployed over 10,000 devices in 30 OEMs across India, China, Vietnam, Nepal and Egypt.
AdvertisementBengaluru-based startup Revos on Thursday, September 2, announced that it has raised $4 million to build a million electric vehicles (EV) chargers across 500 cities over the next three years. The company will tap into expansion opportunities in both India and other emerging markets.
Launched only two years ago in 2019, Revos has set up over 10,000 devices — especially electric two-wheeler and three-wheeler chargers — in 30 original equipment manufacturers (OEMs) across India, China, Vietnam, Nepal and Egypt.
The company will use this capital to deploy these EV charging infrastructure across the country and also strengthen its technology team with more hires.
Revos’ Series A funding round witnessed participation from US-based Union Square Ventures (USV) and Bengaluru-based Prime Venture Partners (PVP). This is Union Square Ventures’ first investment in India and Prime Venture Partners’ first investment in the EV space.
“The move to EVs is essential and inevitable. India runs on two/three wheelers. Making recharging available “anytime, anywhere” was pivotal to the penetration of mobiles in India. We believe Revos is well positioned to trigger a similar inflexion in the EV market,” said Sanjay Swamy, managing partner of Prime Venture Partners.
The company’s name stands for Revolutionary EV Operating Stack (REVOS). It is an artificial intelligence (AI)-integrated platform that allows EVs to communicate with each other.
It enables EVs to have connected features like on-bike navigation, diagnostics, smart alerts and anti-theft lock. The company relates itself to ‘Android for EVs’ and allows EV manufacturers to build smart mobility features on top of the software developed by Revos.
Revos is also piloting a peer-to-peer (P2P) charging infrastructure named Bolt that will be compatible with any portable EV charger that comes with each respective vehicle. The charger will work with existing AC power supply at home and establishments.
"This fundraiser is a very important step in our journey. We are focused on democratising the technology for EVs and chargers so that anyone can build a smart EV or participate in building the P2P charging network,” Yadav, co-founder of Revos, said in a press note.
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