ElectricPe Raises $3 Million in Pre-Series A Funding for EV Charging Expansion
Electric vehicle (EV) charging aggregator ElectricPe has secured $3 million in a pre-series A funding round led by Green Frontier Capital, with participation from existing lead investors Blume Ventures, Micelio Fund, and NB Ventures. The Bengaluru-based startup plans to utilize this new funding to expand its operations to new geographies and further enhance its technological capabilities.
Super App Offering Comprehensive EV Charging Solutions
ElectricPe, established in 2021, operates a super app that allows users to easily identify, access, and pay for EV charging points, regardless of the charging type. The platform also includes multi-brand stores that offer a wide selection of electric two-wheelers for potential buyers. Additionally, users can avail of EV financing, servicing, and subscription plans through the app, physical stores, or the company website.
- The platform currently supports over 25,000 public chargers and has witnessed a 30% month-on-month growth rate.
- It has facilitated over 28 million green kilometers and captured a 15% market share in personal EV two-wheeler sales in Bangalore.
Targeting a $1 Billion Market in the Next Five Years
ElectricPe aims to tap into a $1 billion market within the next five years, out of a $60 billion total EV charging market in India. Sandiip Bhammer, the managing partner of Green Frontier Capital, expressed confidence in the company’s growth potential.
- The company’s goal is to address gaps in the sector and establish itself as the go-to platform for all EV needs.
- ElectricPe has raised a total of $11.3 million in funding to date, according to Tracxn.
Strategic Partnership with Google for Enhanced User Experience
ElectricPe has recently collaborated with Google to provide real-time visibility of charging point availability and status to users across India. This feature will be integrated into Google Maps and Google Search, with plans for future expansion to other regions.
Hot Take: The Future of EV Charging Looks Bright with ElectricPe’s Expansion
With the recent $3 million funding injection, ElectricPe is set to revolutionize the EV charging landscape in India. By expanding its operations and enhancing its technological capabilities, the company is well-positioned to capture a significant market share and drive the adoption of electric vehicles across the country. Keep an eye on ElectricPe as it continues to innovate and lead the way in sustainable transportation solutions.
By
By
By
