EV Charging Infrastructure: ElectricPe Secures $3 Million to Expand Services
ElectricPe, a prominent EV charging aggregator, has successfully raised $3 million in a pre-Series A funding round led by Green Frontier Capital. Additional investors include Blume Ventures, Micelio Fund, and NB Ventures. This infusion of capital will be instrumental in launching new products and expanding into untapped markets.
Founded in 2021, ElectricPe has demonstrated impressive growth, with a 30% month-on-month increase in users and a network of over 25,000 public chargers. The company commands a 15% market share in Bengaluru’s personal EV two-wheeler segment. Besides charging solutions, ElectricPe offers a holistic approach to EV adoption, encompassing multi-brand electric two-wheeler stores, EV financing, servicing, and subscription plans.
Avinash Sharma, Co-founder and CEO, emphasized the company’s goal to streamline the EV experience by consolidating charging, purchasing, and maintenance services on one platform. With this recent funding, ElectricPe’s total pre-Series A financing has reached $8 million, following a $5 million initial raise last year.
The Ministry of Power’s draft guidelines for EV charging infrastructure aim to boost EV adoption and establish a robust nationwide charging network. As of June 2023, India had 8,738 operational public EV charging stations, with plans to install 46,397 more by 2030 in major cities.
Sandiip Bhammer, Managing Partner at Green Frontier Capital, reiterated their commitment to supporting sustainable innovations like ElectricPe, aligning with their vision for a greener future.