The EV battery manufacturer has bagged $1.5 Mn in an undisclosed funding round from multiple angel investors
It will look to use the freshly raised capital for the development and introduction of fast-charging lithium-ion batteries soon
Founded in 2019, Maxvolt Energy offers e-cycle, e-scooter and e-rickshaw batteries along with lithium battery energy solutions
Electric vehicle battery manufacturer Maxvolt Energy Industries has bagged $1.5 Mn in an undisclosed funding round from multiple angel investors.
The company will look to use the freshly raised capital for the development and introduction of fast-charging lithium-ion batteries soon.
Maxvolt Energy is working on the development of “world-class” lithium battery architectures for electric bikes, scooters, and solar energy systems. Founded by Bhuvneshwar Pal Singh, Satendra Shukla and Vishal Gupta in 2019, the company currently offers e-cycle, e-scooter and e-rickshaw batteries along with lithium battery energy solutions.
For its batteries, it offers a 100% buyback, 3-year replacement warranty at no extra charges for its batteries. The company operates in a B2B model as well as B2C.
It counts the likes of Versatile escooters, Mantra ebikes, Odysse, Ormax, among others, as its B2B partners. On the B2C front, it claims to have a customer base of over 1.5 Lakh.
“We are developing a fast-charging solution that will significantly reduce customers’ charging times. In the prototype development phase, the company aims to launch the final product in phases by the end of 2024 after thorough R&D. In the first phase; we will reduce the charging time to 2 hours and 1 hour in the subsequent phase,” said Maxvolt’s CBO Satendra Shukla.
The company has seen investor interest at a time when the EV adoption in India is really heating up. Registrations for electric two-wheelers (E2Ws), which have seen the greatest fervour from Indians, in the month of March alone crossed the 1 Lakh mark.
Fuelling the electrification on Indian roads is the central government’s push to promote EV adoption in the country. The union government recently launched an INR 500 Cr scheme, the Electric Mobility Promotion Scheme 2024, to promote electric mobility from April 1. The new scheme will be in place till the end of July this year.
Further, authorities are also working to establish a task force to create a roadmap for the EV industry.
