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GFC leads $3 Mn round in EV charging startup ElectricPe

EntrackrEntrackr · 1y ago
GFC leads $3 Mn round in EV charging startup ElectricPe
Medial

Electric vehicle super-app ElectricPe has raised $3 million in pre-Series A round led by Green Frontier Capital along with participation from its existing investors Blume Ventures, Micelio Fund, and NB Ventures. The Bengaluru-based company had previously raised $5 million in pre-Series A round from its existing investors. The fresh funds will be used for growth, innovation initiatives, and expansion to new geographic locations, ElectricPe said in a press release. Co- founded in May 2021 by Avinash Sharma and Raghav Rohila, ElectricPe is a full-stack super – app that allows users to identify, access and pay for EV charging points regardless of their charging type. The platform’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. Recently, ElectricPe collaborated with Google which enables users across India to view the availability and status of charging points in real-time. ElectricPe says that it operates in more than 25,000 public chargers and claims to have captured over 15% of the market share of all personal EV 2-wheeler sales in Bengaluru within 8 months. ElectricPe may directly or indirectly compete with other startups in this space such as e-Amrit, Statiq, PlugShare and others. Green Frontier Capital is an early-stage VC fund and backed some of the prominent startups like Battery Smart, BluSmart Mobility, E-Motorad, Nutrifresh amongst others.

Google partners with ElectricPe to bring EV charging stations to Google Maps in India

EntrackrEntrackr · 1y ago
Google partners with ElectricPe to bring EV charging stations to Google Maps in India
Medial

Search giant Google has partnered with Indian startup ElectricPe toenhance the EV charging experience. This collaboration will allow Google Maps users across India to view the availability and status of charging points in real-time, enabling better journey planning and reducing range anxiety. This feature will be live on both Google Maps and Google Search and it will be expanded to other regions. EV charging aggregation platform ElectricPe has raised $8.29 million till to date from Blume Ventures and others. Co- founded in May 2021 by Avinash Sharma and Raghav Rohila, ElectricPe connects users to charging points across India. Using its app, users can scan the QR code and charge their vehicles, and complete the payment as well. The company had partnered with Hero Electric to set up charging points in apartments, commercial complexes and other establishments across India. The Bengaluru-based company claims that it operates over 25,000 public chargers in Bengaluru, making it the largest network in the city. According to market research, India is projected to have over 5 million public charging stations by 2030. Recently,Google announced that it slashed the pricing of Google Maps platform for developers in India by as much as 70% from August 1. The steep slash in pricing follows Aggarwal’s appeal to Indian startups to use local alternatives such as Ola Maps.

EV charging infra startup Charge Zone scoops up $19 Mn

EntrackrEntrackr · 1y ago
EV charging infra startup Charge Zone scoops up $19 Mn
Medial

Electric vehicle (EV) charging network Charge Zone has received a $19 million commitment from British International Investment (BII), the UK’s development finance institution (DFI) and impact investor. In March last year, the Vadodara-based startup scooped up $54 million in its Series A1 funding round led by BlueOrchard Finance. Charge Zone will use the funds for expansion of its high-speed charging network for electric cars, buses, and trucks across key cities and highways in India, the company said in a press release. It also plans to roll out more than 1,500 supercharging stations over the next 18 months and reach a portfolio of over 10,000 charging stations by 2027. Led by Kartikey Hariyani, the six-year-old Charge Zone provides super-fast EV charging with more than 3,200 points across more than 400 locations in India and UAE. The firm has tied up with several OEMs and e-mobility companies including Hyundai, Mahindra & Mahindra, Ashok Leyland, Volvo Eicher, Tata Motors, Marriott, Hyatt, Fortune, and Landmark Group. Charge Zone added that the investment from BII is a part of their long-term plan to create a network of one million charging points for all 4W categories of vehicles including cars, buses and trucks by 2030. It will focus on key markets such as Delhi, Ahmedabad, Mumbai, Pune, Hyderabad, Bengaluru and Chennai. For the fiscal year ended in March 2023, the company reported nearly three fold jump in its operating revenue to Rs 46.93 crore, according to startup data intelligence platform TheKredible. During the period, its losses surged two fold to Rs 9.89 crore. In the rapid EV charging space, it competes with ElectricPe, Bolt.Earth, Ather Energy, BluSmart, Magenta Power, among others.

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