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Led by Lemniscap, the funding round also saw participation from Daedalus Angels, EV3 Labs, Chainyoda Jedis and Levitate Labs
Founded in 2024, DeCharge is a decentralised EV charging infrastructure platform built on Solana which is creating a network of charging stations
The startup runs on a community-powered business model and enables its customers to earn from their charging units
Blockchain-powered EV charging solutions startup DeCharge has raised $2.5 Mn (INR 21.4 Cr) in its seed funding round led by early stage crypto investment firm Lemniscap.
The round also saw participation from existing backers Colosseum, Daedalus Angels, EV3 Labs, Chainyoda Jedis, and Levitate Labs. Besides, it saw participation from angel investors such as memecoin BONK’s creator Nom, Spherelabs’ Arnold Lee, among others.
Founded in 2024 by Mohan Ponnada, Prakash Kamaraj and Rama Krishna, DeCharge is a decentralised EV charging infrastructure platform built on Solana. Besides selling its flagship 7kW charger DeCharge Beast, it handles all aspects of operation, including authentication and payment processing via its internet of things (IoT)-enabled charging stations.
The startup runs on a community-powered business model and aims to be the Airbnb of EV infrastructure by building an EV charging network. It enables its customers to earn from their charging units. All one has to do is provide an EV charging infrastructure space and allow other EV owners to charge their EVs using the infrastructure. On every charge, the customer earns money and reward points, which can be redeemed later.
DeCharge said it plans to utilise the freshly raised capital to double down on hiring and bolster its presence across the US, Europe, Middle East, and emerging economies. The startup also plans to use the capital to deploy its VoltBox chargers at key highway corridors, logistics hubs, and urban centres.
“We aim to grow our presence in over 16,000 locations and 1 Mn+ EV riders in the coming 16 to 18 months,” cofounder Ponnada told Inc42. He added that the startup plans to raise another round of funding over the next 8-10 months to further scale operations.
Overall, the Hyderabad-based startup has raised close to $3 Mn in funding to date.
Ponnada said that the startup currently has a network of over 3,000 chargers, which serves nearly 8,000 riders, in India and the US.
Talking about the startup’s revenue sharing structure, Ponnada said that 70% goes to the charging station operator while the startup takes the remaining 30%.
With its differentiated blockchain-based offering, the startup is looking to address concerns related to range anxiety and lack of charging infrastructure in the country. For context, Uttar Pradesh, which saw 3.77 Lakh EV registrations last year, accounts for just 1,989 EV charging stations.
The fundraise comes at a time when EVs continue to see rapid adoption across the country. The number of registered EVs across segments has increased 10-fold in the past five years. This has come largely on the back of sales of two-wheeler EVs, incentives from the government and a range of new offerings for customers.
As per Inc42 data, the homegrown EV market is expected to become a $132 Bn opportunity by 2030.
