EV charging aggregation platform, ElectricPe has completed a Pre-Series A round of $5 million just 12 months after the seed funding round.
The fundraising has been led by Green Frontier Capital, Blume Ventures and Micelio Fund and also saw participation from Dubai-based NB Ventures, Anchorage Capital Partners, Supermorpheus, and Climate Angels.
ElectricPe will use the combined capital of $8 million to deepen technology investments and scale operations.
The company has built the densest charging network in Bengaluru, with 10,000 live charging points.
In a span of 7.5 months, the ElectricPe app usage has increased by 30 percent month-on-month, with customers on the network completing 4 million green kilometers.
Avinash Sharma, Co-Founder & CEO, ElectricPe outlined that “We’ve received positive consumer response to our offering of a single app to find, use and pay across any charging or swapping station.”
Sharing his thoughts, 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, Micelio Fund – an investor in ElectricPe added that “Electric Pe’s growing market success and drive to increase efficiency in the EV industry has been proven since its inception.”
The demand for EVs is expected to grow at 39 percent CAGR, with charging infrastructure being the major contributor to the rise in demand.
ElectricPe is a B2C EV charging and demand generation app that offers EV users a one-stop platform to identify, access, and pay for EV charging points to make E-mobility easier.
Arpit Agarwal, Director, Blume Ventures and another investor added that “Having a trusted dense network of charging/swapping points to find, use and pay will not only help increase adoption, but also utilization of charging infrastructure.”
