EV Charging Aggregation Platform ElectricPe Raises $5 Million in Funding
The capital will be used in technology investments and scaling operations
January 5, 2023
Bengaluru-based electric vehicle (EV) charging aggregation platform ElectricPe closed a pre-series A funding round of $5 million, taking the company’s total capital raised in the last 12 months to $8 million. The company said it will use the funds to deepen technology investments and scale its operations.
The funding round was led by Green Frontier Capital, Blume Ventures, and Micelio Fund, while notable investors from Dubai NB Ventures, Anchorage Capital Partners, Supermorpheus, and Climate Angels also participated in the fundraising.
ElectricPe is a Business-2-Customer EV charging and demand generation platform that offers EV users one spot to identify, access, and pay for charging points to make e-mobility easier. The company has dispensed 100 GWh of energy to date.
Co-Founder and CEO of ElectricPe Avinash Sharma said, “We’ve received positive consumer response to our offering of a single app to find, use and pay across any charging or swapping station. Our belief has always been in stage-by-stage capitalization as we ramp up our operations and create a holistic full-stack consumer-facing platform.”
Managing Partner at Green Frontier Capital Sandiip Bhammer said, “We are focused on investing in homegrown startups which have a strong vision and are proving their ability to provide a unique technology solution to the growing climate change issue.”
Since its incorporation in 2021, ElectricPe has installed 10,000 live charging points in Bengaluru. The company’s app has witnessed a 30% increase in usage month-on-month, in the past 7.5 months, with customers on the network completing 4 million green kilometers.
” 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 & Founder of Micelio Fund.
“The EV sector is growing at a rapid pace and consumers are seeking full-stack solutions, in one place. Having a trusted dense network of charging/swapping points to find, use and pay will not only help increase adoption but also utilization of charging infrastructure,” said Arpit Agarwal, Director, Blume Ventures.
Last month, the Minister of Road Transport and Highways, Nitin Gadkari informed the lower house of Parliament that India has over 1.8 million registered EVs, with Uttar Pradesh accounting for nearly 23% of the total at 0.41 million.
Last April, Hero Electric partnered with ElectriPe to provide the former’s customers with accessibility to ElectricPe’s charging network across India.