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Pune-based provider of electric vehicle (EV) charging solutions goEgoNetwork raised approximately ₹600 million (~$7.53 million) in Series A equity funding to develop and install the Fast DC Charging Station product line in the country.
The funding will help goEgoNetwork operationalize 8,500 charging stations across India with 15,000 paying members on the network.
The company said the funds raised would help it scale up operations in six metropolitan cities, including New Delhi, Mumbai, and Bengaluru.
The company has a robust product range comprising AAC and DC charging stations from 1.1 kW AC and AC to 60 kW DC.
The products developed by goEgoNetwork are certified by the Open Smart Charging Protocol (OCPP) Automotive Research Association of India (ARAI) and are backed by in-house developed technology. The company has installed over 1,000 charging points across 55+ cities in 15 states.
Managing Director and Co-Founder of goEgoNetwork Sayantan Chakraborti said, “The EV industry is growing exponentially, and the funding gives us growth capital to pursue the big plan of having the EV charging infrastructure in place for the people who are not buying because of range anxiety. It helps us in consolidating our position of being the preferred network for EV users by having charging stations which have 100% uptime and to ensure that you #staychargedup.”
Co-Founder of goEgoNetwork Dheeman Kadam said, “The funding is a step close to our ambitious goal of to set up a hundred thousand Made in India charging stations by 2027. Out of the 9 million electric vehicles supposed to be on roads by 2027-28, we want to see a million EV owners as members of the goEgoNetwork.”
Last August, goEgoNetwork raised ₹150 million (~$1.88 million) in a seed funding round to expand its existing electric charging network and leverage the green consciousness gradually sweeping across India.