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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.

Exclusive: EV charging startup Statiq in talks to raise $15-18 Mn

EntrackrEntrackr · 19d ago
Exclusive: EV charging startup Statiq in talks to raise $15-18 Mn
Medial

Founded in 2020 by Akshit Bansal and Raghav Arora, Statiq builds and operates EV charging infrastructure and runs a consumer app for locating and booking charging points. EV charging network startup Statiq is in advanced talks to raise around $15 to 18 million in a new funding round from new and exiting investors, according to two people familiar with the potential deal. “Statiq was earlier exploring a much larger round, but the company has now decided to settle for a smaller cheque in the range of $15–18 million,” said one of the people cited above, requesting anonymity. “A new institutional investor is likely to lead the round, with participation from other new and existing investors.” Statiq last raised $25.7 million in a Series A round led by Shell Ventures in mid 2022. The firm was later reported to be in talks for a $50 million Series B last year but the round did not materialize at that scale. The startup offers a mix of hardware and software led services, with its hardware segment including chargers and related infrastructure contributing the majority of its revenue. Statiq also runs a financing program for EV charging stations in partnership with State Bank of India to accelerate infrastructure expansion. As per sources, Statiq’s valuation will remain flat in the Series B round, at around $100 million post-money. The flat valuation isn’t surprising, as Statiq’s Indian entity (Sharify Services Pvt Ltd) saw its revenue from operations decline 40% year-on-year to Rs 40.9 crore in FY24 from Rs 67.53 crore in FY23. At the same time, the company’s losses ballooned 3.1X to Rs 44.52 crore in FY25. It’s yet to disclose FY25 numbers. “The company is likely to deploy the fresh capital toward network expansion and product development to strengthen its position in the EV charging space,” said the source quoted above. Terms of the deal may change. Entrackr reached out to Statiq’s founders and Shell Ventures for comment but did not receive a response until the time of publication. In the EV charging infrastructure sector, Statiq faces competition from well-funded startups such as Charge Zone, ElectricPe, Bolt.Earth, and IPEC.

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.

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