ElectricPe an electric vehicle (EV) charging aggregation platform with headquarters in Bengaluru, has raised a total of $8 million in funding over the past 12 months. The business claimed it would put the money toward expanding its business and making deeper technological advances. Green Frontier Capital, Blume Ventures, and Micelio Fund spearheaded the investment round. Other investors included Dubai-based NB Ventures, Anchorage Capital Partners, Supermorpheus, and Climate Angels.
Twelve months after the seed investment round, the pre-Series A funding round was completed. ElectricPe disclosed that it will expand operations and deepen technical investments with $8 million in total cash.
“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 capitalization as we ramp up our operations and create a holistic full-stack consumer-facing platform,” said Avinash Sharma, co-founder & CEO, ElectricPe.
The startup provides EV consumers with EV charging facilities. According to ElectricPe, 10,000 live charging points have been installed in Bangalore since the company’s founding in May 2021. According to the company’s estimations, users of the ElectricPe app have completed 4 million green kilometers in 7.5 months, a rise of 30% month over month.
“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.
According to the company’s statement, the charging infrastructure will have a significant impact on the increase in demand for EVs, which is anticipated to expand at a 39% CAGR.
“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 utilization of charging infrastructure,” said Arpit Agarwal, director, of Blume Ventures.
According to a statement from the firm, the demand for EVs is predicted to increase at a 39% CAGR, with charging infrastructure playing a crucial role in this growth.