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With $3M funding, ElectricPe aims to strengthen India’s EV charging market

ElectricPe
ElectricPe

India has created a board that focuses mostly on the Indian automobile manufacturing sectors to come at par with the global transportation revolution towards electric vehicles.

Faster Adoption and Manufacturing of Electric Vehicles in India (FAME) was launched in 2015 to aid and promote the Indian automobile industry’s development and production of environmentally friendly, hybrid, and electric vehicles. However, India faces many challenges when it comes to the required infrastructure needed for the smooth functioning of EVs.

One of the most challenging situations is the lack of EV charging infrastructure, which creates several hurdles in adopting EVs. Picture this, India already has 927 electric car charging fully operational stations. However, that is still not enough compared with the government’s 50,000+ gas pumps across the country. 

Meanwhile, ElectricPe, an EV charging startup providing a B2C EV charging and demand generation application to access EV charging sites while tracking real-time consumption, raised $3M(£2.2M) in a seed round. Blume Ventures and Micelio Fund lead the fundraising round.

Angel Investors such as 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) also participated in the seed funding round.

The proceeds will be used to develop its deep-tech platform further to enable easy access to affordable charging points via the ElectricPe App and create a nationwide EV charging network.

ElectricPe Plans To Capture EV Market

ElectricPe basically helps users in identifying and accessing the EV charging stations via its app. Due to the growing popularity of electric vehicles, ElectricPe predicts that the country will soon have more than 5 million public charging points. The company intends to work with several different competitors in the market to build up charging stations. This will further help make their app a one-stop-shop for consumers who want to keep track of their vehicle’s battery level and be alerted to nearby charging stations. 

“We want to solve for ‘trust’, which an EV user demands when looking for charging services, using our patented technology and platform approach. The EV revolution has already begun, thanks to rising gasoline prices and attractive government subsidies, and our goal is to make charging affordable and clean for everyone. We’re taking an ecosystem approach, collaborating with all players in the sector to make adoption more seamless, “ElectricPe’s Co-Founder and CEO, Avinash Sharma, stated.

ElectricPe, founded in May 2021 by Avinash Sharma and Raghav Rohila, is an app that helps users find and access EV charging stations with the most significant charging rates. Users can access a nationwide charging station network because the app is OEM (original equipment manufacturer) agnostic.

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