ElectricPe raises $3 million in seed round from clutch of investors
Electric Vehicle ecosystem is gearing up with fund raising plans of most players operating in this space
image for illustrative purpose
Bengaluru, 13 November Electric Vehicle ecosystem is gearing up with fund raising plans of most players operating in this space. The latest to join the race is ElectricPe, which is an electric-vehicle charging platform, that has raised $3 million in a seed funding round led by Blume Ventures and Micelio Fund.
The fund was raised from a clutch of angel investors, including Ashish Goel of Urban Ladder and OfBusiness' Bhuvan Gupta among others. The company will utilize the funds to develop its "deep-tech platform" and enable access to affordable charging points via the ElectricPe app.
"With rising fuel prices and favourable government incentives, the EV revolution has already started, and our vision is to enable affordable and clean charging for all," said CEO of ElectricPe, Avinash Sharma in a statement. "We are taking an ecosystem approach by working with all industry stakeholders, thereby making adoption more seamless."
Founded in May 2021 by Avinash Sharma and Raghav Rohila, ElectricPe has built an app to help users locate and access EV charging points that offer the best charging rates.
EV charging infrastructure in India has always been a key concern area restricting adoption of such vehicles. However, the charging segment is seeing signs of rising investment both from established automakers and startups.
Tata Motors had last month raised almost a billion dollars for its EV business at a valuation of $9.1 billion on the upper end.
Other companies like TVS Motor and Bajaj Auto are also setting up separate subsidiaries for EVs with fundraising being one of the primary goals. Mahindra & Mahindra has also said that it is open to investors for driving its EV initiatives.
