ElectricPe, an EV charging platform has closed a $5 million Pre-Series A round just twelve months after its seed funding round. Blume Ventures, Green Frontier Capital, and Micelio Fund led the fundraising. Participation also came from Dubai-based NB Ventures. Anchorage Capital Partners, Climate Angels, and Supermorpheus were also involved.
ElectricPe plans to use the $8 million combined capital to expand technology investments and scale operations. With 10,000 charging points, the company is Bengaluru’s most dense charging network.
The ElectricPe app has seen a 30% increase in usage over the past 7.5 months. Customers on the network have completed 4 million green kilometers within a span of 7.5 months.
Avinash Sharma (Co-Founder and CEO of ElectricPe) stated that the company’s offering of an app to locate, use, and pay at any charging or swapping station has received a positive consumer reaction.
Sandiip Bhammer, Managing Partner, Green Frontier Capital who participated in the recent fundraising, said, “As electric mobility is gaining traction in India, ElectricPe has identified a primary challenge and is working to create easy and seamless access to a trusted network of charging points/swapping stations all in one space.”
Shreyas Shibulal (CEO & Founder of Micelio Fund – an investor in ElectricPe) stated that “Electric Pe’s growing market success, and drive to improve efficiency in the EV sector have been proven since its inception.”
The growth in demand for EVs will be 39% CAGR. Charging infrastructure is the main contributor to this increase. ElectricPe, a B2C demand generation, and EV charging app provides EV users with a single platform that allows them to find, pay, and access EV charging points. This makes e-mobility more accessible.
Blume Ventures Director Arpit Agarwal and another investor said that having a trusted network of charging/swapping stations to find, use, and pay will not only increase adoption but also help with the utilization of charging infrastructure.