[Funding alert] goEgoNetwork raises $2M in seed round

Electric vehicle charging solutions startup goEgoNetwork on Tuesday said it has raised $ 2 million (nearly Rs 15 crore) in seed funding to expand its existing electric charging network.

The Pune-based firm said the seed round was funded by Rishi Bagla, Chairman of Bagla Group, a leading auto component manufacturer, along with Olivier Guillaumond, Head of Global Innovation Labs and Fintech at ING Bank in the Netherlands.

Commenting on the investment in the EV charging startup, Bagla said EVs are not just about disrupting the ICE (internal combustion engine) automobile industry but are part of the larger disruption in energy and transportation, which are witnessing a considerable shift towards green technology solutions.

"In the EV sector, more focus has begun on installing charging infrastructure. This will be the single most important factor, which drives adoption of electric vehicles," he said, adding goEgoNetwork has "the calibre to make a 'Made in India' product that is truly world class".

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Expressing similar views, Guillaumond, who is a co-investor and advisor to goEgoNetwork, said, "The transition towards sustainable mobility is an unstoppable global trend and companies -- which are able to provide reliable, fast and cost-efficient electric charging infrastructure for all types of vehicles -- will make a huge impact".

On the fundraising, goEgoNetwork Co-founder and CEO Sayantan Chakraborti said, "The recent investment further reinforces our commitment and dedication towards being India's only smart electric charger network. We aim to compel the market to switch towards EVs while creating more job opportunities with the best professionals in this greenfield industry."