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BatteryPool, which is an Electric vehicle (EV) fleet and commercial vehicles battery charging solutions startup, has raised an undisclosed amount of growth capital as part of its seed funding round.
The company said that the freshly infused capital will be used for scaling up BatteryPool’s business development efforts and adding new fleet charging products to its portfolio.
The funding was led by Indian Angel Network (IAN) and the Pune-based Venture Center under the NIDHI-Seed Support Scheme, and saw participation from lead investors including Arjun Seth and Harshavardhan Chitale. Previously, the Pune-based startup had raised grants from the Department of Science and Technology (GoI) and an angel round along with the 100X.VC investment.
Arjun Seth, lead investor, IAN commented – “The EV ecosystem in India is evolving rapidly. The use case of going electric is well-known as running costs for fleet operators’ contracts. By 2030, the fleet and commercial vehicle charging market size is set to reach USD 2.7 billion, as these will become electrified. BatteryPool is walking on a path to capture a huge opportunity with India witnessing a rapid shift to electric mobility in the 2&3 wheeler segment, which is where EV adoption will see tremendous velocity. We will offer our proprietary software and hardware solutions and embrace a collaborative platform as we build on our partnerships with OEMs and fleet operators.”
Ashwin Shankar, founder of BatteryPool, stated – “We identified that while EVs made sense commercially, challenges around battery charging can lead to downtime of commercial and fleet electric vehicles. Battery swapping can serve as a viable option to eliminate this downtime. However, the existing battery swapping services require fleet operators and drivers to conform to a certain battery standard and this can be expensive and significantly restrict the fleet operations to where these services are being offered. Therefore, we built hardware that is agnostic to battery type and can be used by fleet operators regardless of the battery standards being used in their fleets. Our key focus is to cater to EV fleet operators and commercial electric vehicles via partnerships with OEMs, and battery pack manufacturers. We appreciate the support of our vision by IAN and marquee investors.”