The demand for EVs (electric vehicles) is expected to grow at 39 per cent CAGR in the next decade, with charging infrastructure being the major contributor to the expected growth. One of the major players at the forefront of developing India’s EV charging network is ElectricPe, a B2C app that lets users identify, access, and pay for EV charging points. On Thursday it announced that it has closed a Pre-Series A round of $5 million led by notable investors like Green Frontier Capital, Blume Ventures, and Micelio Fund, and saw participation from Dubai based NB Ventures, Anchorage Capital Partners, Supermorpheus, and Climate Angels. The Pre-Series A funding round is completed just 12 months after the seed funding round of $3 million. ElectricPe said it will use the combined capital of $8 million to deepen technology investments and scale operations.
“We’ve received positive consumer response to our offering of a single app to find, use and pay across any charging or swapping station. Our belief has always been in stage-by-stage capitalisation as we ramp up our operations and create a holistic full-stack consumer-facing platform,” said Avinash Sharma, Co-Founder & CEO, ElectricPe. Sharma worked with Ola and Sun Mobility for over five years before launching ElectricPe in 2021.
ElectricPe has built the deepest charging network in Bangalore, with 10,000 live charging points. In a span of 7.5 months, the ElectricPe app usage has increased by 30 per cent month-on-month, with customers on the network completing 4 million green kilometres, the company said.
“We are focused on investing in homegrown start-ups which have a strong vision and are proving their ability to provide a unique technology solution to the growing climate change issue. As e-mobility is gaining traction in India, ElectricPe has identified a primary challenge and is working to create easy and seamless access to a trusted network of charging points/swapping stations all in one space.” Sandiip Bhammer, Managing Partner, Green Frontier Capital, said.
The company is currently focusing on charging and demand generation that offers EV users a one-stop platform for all their charging-related needs. The company has dispensed a record 100 gigawatt hours of energy.
“The EV sector is growing at a rapid pace and consumers are seeking full stack solutions, in one place. Having a trusted dense network of charging/swapping points to find, use and pay will not only help increase adoption, but also utilisation of charging infrastructure,” said Arpit Agarwal, Director, Blume Ventures.
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