Phoenix Angels invests ₹2.5 crore in chargeMOD, a Kerala-based EV charging start-up
Startup chargeMOD, based in Kerala, has raised $25 million (or $312,291) from Phoenix Angels as part of a pre-seed financing round. The company intends to use the funds to extend its EV sector services and quicken the growth of its product line.
More than 2,000 EV chargers, including those for residential and commercial applications, are being managed by chargeMOD. In order to track local charging stations, it has also created a mobile application.
With a device that it says will help EV owners on the go, the business is attempting to increase its presence in the Indian EV industry.
The Kochi Metro Rail Company, Larsen & Turbo, Murugappa Group, and Kerala State Electricity Board are just a few of the several businesses that have partnered with chargeMOD and taken advantage of the EV solutions the startup provides.
Phoenix Angels, the primary investor, is a non-profit organization that has been marketed to offer a platform that promotes entrepreneurs by linking them to a variety of investors.
“At chargeMOD, we see a great combination of a wonderful product and an energetic team that has the potential to become a big player in the EV charging industry,” stated Joe Ranji, director at Phoenix Angels.
According to Mercom Capital Group’s 1H and Q2 2023 Funding and M&A Report Storage and Grid Report, faster EV adoption was the main factor that caused a 64% increase in global corporate investment for smart grid startups, reaching $1.8 billion in 33 deals.
Several initiatives have also been launched by government-owned financial institutions in India to support the growth of the EV industry there.
The government-owned Small Industries Development Bank of India introduced Mission 50K-EV4ECO, a trial program in April of this year, to lower the cost of capital for buying electric vehicles, particularly two- and three-wheelers.
According to data from the Bureau of Energy Efficiency (BEE) and the Ministry of Electricity, India had 8,738 operational public EV charging stations as of June 30, 2023, according to a recent announcement made by the Minister of State for Heavy Industries, Krishan Pal Gurjar.
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