ElectricPe has raised a Seed Round Funding of $3 million led by Blume Ventures and Micelio Fund.
The company will utilize the capital to further develop its deep-tech platform to enable easy access to affordable charging points via the ElectricPe App.
“We are particularly excited about partnering with Avinash and Raghav on their journey to take India successfully into the new world of EVs, as the #1 reason for the lack of adoption of EVs in India is the lack of charging infrastructure. Unfortunately, it is also a catch-22 situation as charging infrastructure providers won’t invest unless they see demand, and consumers won’t buy vehicles until they see the infrastructure. ElectricPe is looking to disrupt the market by bridging this gap. In doing so, they will soon become the largest EV charging platform in India,” said Arpit Agarwal, Director, Blume Ventures.
“A hockey stick growth in the adoption of EVs in India can’t be achieved without affordable charging solutions that are ubiquitously available. Most vehicles are either parked at home or in offices for more than 20 hours a day. These vehicles need low-cost charging solutions. We were fascinated by ElectricPe’s vision to address this shortcoming in the market. The duo brings in the right operational and technical expertise required to solve this issue at scale,” said Shreyas Shibulal, Founder & Director, Micelio Fund.
“Using our proprietary technology and platform approach, we aim to solve for ‘trust’, which an EV user requires when looking for charging services. With rising fuel prices and favorable Government incentives, the EV revolution has already begun, and our vision is to enable affordable and clean charging for all. We are taking an eco-system approach by working with all industry stakeholders, thereby making adoption more seamless,” said Avinash Sharma, Co-Founder & CEO, ElectricPe.
Investments from other notable Angel Investors included Anshuman Bapna (Terra.do), Anupam Mittal (Shaadi.com), Arjun Ravi Sheth (Partner at Anchorage Capital Partners), Ashish Goel (Urban Ladder), Bhuvan Gupta (OfBusiness), Jasminder Singh (Nowfloats), Khadim Batti & Vara Kumar (Whatfix), Mukul Rustagi (Classplus), Murthy Aradhi (Whishworks), Nikheel Kamble, Pallav Singh (Numen), Ramakant Sharma of Livspace (LOGX Venture Partners), Relentless VC, Saurabh Aggarwal (Fitso), Soumitra Mishra (Claro Energy), Supermorpheus, Tonmoy Shingal (Mettl) to name a few.
Founded in May 2021 by Avinash Sharma and Raghav Rohila, the company makes accessing and using charging points simple, seamless, and efficient. The duo, who have rich industry experience in electric mobility, have created a B2C EV charging and demand generation app that offers EV users a one-stop platform to access EV charging points, which also tracks real-time usage, ensuring a trusted network wherever and whenever they need it.
Being OEM agnostic, it partners with a nationwide network of EV charging points and independent charge point operators and onboards them onto the ElectricPe platform, making it a unique proposition for the industry. Think Uber, but for EV charging!