The funding round was led by Green Frontier Capital, Blume Ventures, and Micelio Fund
The EV startup will use the funds to deepen tech investments and scale operations
The development comes almost a year after the EV startup secured $3 Mn in a seed funding round led by Blume Ventures and Micelio Fund
Electric vehicle charging aggregator ElectricPe has closed a $5 Mn Pre-Series A funding round. The round was led by Green Frontier Capital, Blume Ventures, and Micelio Fund.
Dubai-based NB Ventures, Anchorage Capital Partners, Supermorpheus, and Climate Angels also took part in the funding round.
ElectricPe will use the funds to deepen tech investments and scale operations. Including the current funding, the EV startup has raised a total of $8 Mn to date.
The development comes over a year after ElectricPe secured $3 Mn in a seed funding round led by Blume Ventures and Micelio Fund.
Terra.do’s Anshuman Bapna, Shaadi.com’s Anupam Mittal, Anchorage Capital Partners’s Arjun Ravi Sheth, Urban Ladder’s Ashish Goel, OfBusiness’ Bhuvan Gupta and other angel investors also participated in the round in 2021.
Founded in May 2021 by Avinash Sharma and Raghav Rohila, the EV startup offers charging infrastructure to EV users across the country.
The EV startup claims to have built a charging network of 10K charging points in Bengaluru.
“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 all in one space,” said Sandiip Bhammer, managing partner of Green Frontier Capital.
The EV startup said that its app usage has increased 30% month-on-month in the span of 7.5 months and has enabled EV users to charge electric vehicles up to 100-gigawatt hours of energy.
As per the startup, the EV industry is anticipated to grow at 39% CAGR, with charging infrastructure being the major contributor to the rising EV demand.
“At Micelio, we lay emphasis on products that boost the adoption of clean mobility in India. ElectricPe’s growing market success and drive to increase efficiency in the EV industry have been proven since its inception. We are excited to once again back the ElectricPe team to solve the issue of access to charging infrastructure and improve customer satisfaction,” said Shreyas Shibulal, CEO and founder of Micelio Fund.
In India, the EV startup competes with the likes of Battery Smart.
According to a Research And Market report, the country’s EV market is expected to cross the $152.21 Bn mark by 2030. The industry is set to grow at a CAGR of 94.4% by the forecasted period.
It is prudent to note that EV adoption has tremendously increased in the country. In 2022, the EV registration grew by 4X to 6.2 Lakh units from 1.5 Lakh units registered in the previous year (2021).
Recently, cab aggregator Ola shared plans of foraying into the premium EV category with a fleet of 10K electric cars. The unicorn will be piloting in Bengaluru city in the upcoming weeks.