[Funding alert] EV charging platform ElectricPe raises $3M led by Blume Ventures and Micelio Fund
EV charging platformon Thursday said it raised $3 million in a seed round led by Blume Ventures and Micelio Fund.
Angel investors, including Anshuman Bapna (Terra.do), Anupam Mittal (Shaadi.com), Arjun Ravi Sheth (Partner at Anchorage Capital Partners), Ashish Goel (), Bhuvan Gupta ( ), Jasminder Singh ( ), Khadim Batti and Vara Kumar ( ), Mukul Rustagi ( ), Murthy Aradhi (Whishworks), Nikheel Kamble and Pallav Singh (Numen), Ramakant Sharma ( ), Relentless VC, Saurabh Aggarwal ( ), Soumitra Mishra ( ), Supermorpheus, and Tonmoy Shingal ( ), among others, participated.
The startup will utilise the capital to further develop its deep-tech platform to enable easy access to affordable charging points via its ElectricPe app.
Founded in May 2021 by Avinash Sharma and Raghav Rohila, ElectricPe offers a B2C EV charging and demand generation app that offers EV users a one-stop platform to access EV charging points, which also tracks real-time usage.
Being OEM agnostic, the startup partners with a nationwide network of EV charging points and independent charge point operators and onboards them onto the ElectricPe platform, making it a unique proposition for the industry.
Speaking about the new development, Avinash Sharma, Co-founder and CEO, ElectricPe, said,
"Using our proprietary technology and platform approach, we aim to solve for 'trust', which an EV user requires when looking for charging services. With rising fuel prices and favourable government incentives, the EV revolution has already begun, and our vision is to enable affordable and clean charging for all. We are taking an ecosystem approach by working with all industry stakeholders, thereby making adoption more seamless."
"We are particularly excited about partnering with Avinash and Raghav on their journey to take India successfully into the new world of EVs, as the #1 reason for the lack of adoption of EVs in India is the lack of charging infrastructure. Unfortunately, it is also a catch-22 situation as charging infrastructure providers won't invest unless they see demand, and consumers won't buy vehicles until they see the infrastructure. ElectricPe is looking to disrupt the market by bridging this gap," stated Arpit Agarwal, Director, Blume Ventures.
"A hockey stick growth in the adoption of EVs in India can't be achieved without affordable charging solutions that are ubiquitously available. Most vehicles are either parked at home or in offices for more than 20 hours a day. These vehicles need low-cost charging solutions. We were fascinated by ElectricPe’s vision to address this shortcoming in the market. The duo brings in the right operational and technical expertise required to solve this issue at scale,” added Shreyas Shibulal, Founder and Director, Micelio Fund.