The fresh funds will be used to fuel ElectricPe's growth and innovation initiatives
The capital will also help ElectricPe to solidify its position as a comprehensive solution for EV users and expand to new geographic locations
ElectricPe currently claims to operate more than 25,000 public EV chargers
EV startup ElectricPe has raised $3 Mn in its Pre-Series A funding round led by Green Frontier Capital, along with participation from all existing investors, including Blume Ventures, Micelio Fund and NB Ventures.
The startup will use the fresh funds to fuel its growth and innovation initiatives. It will also help the company to expand into new locations.
Founded in May 2021 by Avinash Sharma and Raghav Rohila, ElectricPe’s full-stack allows users to identify, access and pay for EV charging points regardless of their charging type.
In addition to the app, ElectricPe’s multi brand stores present prospective buyers with a wide range of E-2 wheelers to choose from while also offering users EV financing, servicing and subscription plans.
ElectricPe currently operates more than 25,000 public chargers. The app claims to have experienced a 30% month-on-month growth rate and has facilitated over 28 Mn green kilometers for its regular users. It also claims to have captured over 15% of the market share of all personal EV 2-wheeler sales in Bengaluru within eight months.
“We have always believed in stage-by-stage funding, and this $3 Mn investment marks the closure of our pre-series A round at $8 Mn, which began last year with $5 Mn. ElectricPe will continue to address the gaps in the sector and build ‘the defacto’ single platform to cater to all EV needs for our customers,” said Avinash Sharma, cofounder and CEO of ElectricPe.
In January last year, ElectricPe raised $5 Mn in its Pre-Series A funding round led by Green Frontier Capital, Blume Ventures, and Micelio Fund.
The development comes at the heart of India’s EV segment witnessing abuzz with the major Indian EV players like Ola Electric and Ather Energy eyeing for public listing in the coming times.
EV and clean energy startup Simple Energy has also secured $20 Mn ( over INR 167 cr) this week in its Series A funding round led by SaaS startup Klarity’s chief growth officer and existing investor Balamurugan Arumugam.
