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EV charging startup IPEC bags $3 Mn from Gruhas

EntrackrEntrackr · 2m ago
EV charging startup IPEC bags $3 Mn from Gruhas
Medial

EV charging startup IPEC has secured an investment of $3 million from Nikhil Kamath and Abhijeet Pai’s Gruhas. The proceeds will be used to strengthen its aim to consolidate its leadership status in the EV charging sector and accelerate growth in the broader power electronics domain, IPEC said in a press release. IPEC was founded in 2017 by the MEHER Group, together with DEKI Electronics & Sungho Electronics, with Zohra Khan as its CEO. The platform offers a range of EV charging products that include private, portable, and public chargers as well as EV Connectors and Vehicle Charging Inlets. These products are fully compliant with various national and international standards and the latest localisation regulations, including the PM E-Drive and PLI Scheme. Beyond hardware, IPEC also offers Cloud-based Charging Management Systems (CMS) and a user-friendly mobile app for real-time control and insights. IPEC is an approved supplier to leading EV OEMs like Ather Energy, Bajaj Auto, Greaves (Ampere), and more. The Bengaluru-based company aspires to drive energy transition in e-mobility with intelligent, reliable, and cost-effective charging solutions at scale that address India’s specific needs and the rising demand for locally manufactured alternatives. IPEC claims to have witnessed a 40% growth in revenue in FY25 and anticipates doubling its revenue in FY26. The company also plans to expand its avenues and capabilities into global markets. It claims to have delivered over 1 million EV charging products to the top EV OEMs in India and is gearing up to expand its manufacturing capacities to 50,000 units per month.

Vidyut raises $2.5 Mn to expand battery-as-a-service financing biz

EntrackrEntrackr · 4m ago
Vidyut raises $2.5 Mn to expand battery-as-a-service financing biz
Medial

Snippets Vidyut raises $2.5 Mn to expand battery-as-a-service financing biz Bengaluru-based full-stack electric vehicle (EV) ecosystem platform Vidyut has raised $2.5 million in funding from global fintech investor Flourish Ventures. To date, Vidyut has raised over $16.5 million from 3one4 Capital, Credit Saison, Flourish Ventures, Zephyr Peacock, Lighthouse Canton, and other prominent investors. The firm concluded its $10 million Series A round in February last year. The funding will fuel the expansion of Vidyut's battery-as-a-service (BaaS) offerings in both passenger and commercial EV segments. This investment reinforces Vidyut's mission to accelerate India's clean energy transition by making EV ownership accessible and affordable for SMBs, the company said in a press release. Founded in 2021 by ex-Swiggy and Bounce executives Xitij Kothi and Gaurav Srivastava, Vidyut revolutionized commercial EV financing. By unbundling batteries from EVs and offering them on a pay-per-km subscription basis, Vidyut reduced upfront three-wheeler (3W) EV costs by 35-40%, making them significantly cheaper than ICE vehicles from day one. In 2023, Vidyut expanded its offerings to include EV resale and lifecycle management solutions, a move that has seen rapid customer adoption and market traction. In September 2024, the company entered the passenger EV market through a partnership with JSW MG Motor India, marking India's first BaaS model for four-wheelers that cuts upfront vehicle costs by 30%. With key industry partners such as TATA Motors, JSW, MG Motor India, Mahindra Last Mile Mobility, Piaggio, and Euler Motors, along with a strong distribution network spanning 30 cities, Vidyut has enabled micro-entrepreneurs and fleet operators to embrace sustainable choices while boosting their earnings by 10-15% through EV adoption. "With proven unit economics, strong 15% month-on-month growth, and long-term OEM partnerships, this investment will help us scale our innovative financing and lifecycle solutions across new vehicle segments," said Xitij Kothi. The Bengaluru-based company also launched an EV resale platform for the three-wheeler commercial vehicle segment, which manages the entire process—from inspection and valuation to sale and RTO documentation. According to the company, this new platform has streamlined the resale process for commercial EV owners and has helped customers realize up to 10-15% higher returns than ICE counterparts in secondary markets. In the electric vehicle financing space, Vidyut competes with Revfin, Finayo, Mufin Green Finance, OTO, Evfin, and Hero FinCorp, among others.

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