Ionage (AI-enabled energy management platform) has raised $1.3 million in a pre-Series A funding round led by strategic investors and a consortium of CXOs from the energy and infrastructure sectors. The Bengaluru-based company plans to use the fresh capital to expand its coverage across India’s active electric vehicle (EV) charging networks, improve charger discovery and payment services for EV users, and help small and mid-sized charge point operators (CPOs) establish and manage charging stations.
Founded in 2021, Ionage is developing an EV charging operating system designed to connect charge point operators, charger manufacturers, real estate owners and EV users. Its platform enables drivers to discover, access and pay for charging services across multiple charging networks, addressing fragmentation in India’s growing EV charging ecosystem.
Ionage has onboarded more than 25,000 four-wheeler charge points and supports over 63 fleets across the country. The company has a network of more than 75 charging partners and operates across 33 states and Union Territories and nearly 3,000 cities.
The company said its platform operates across more than 70% of India’s charging hardware, connecting with major EV charger manufacturers at the point of installation. Its solutions are deployed across offices, malls, hospitality establishments and residential housing societies.
Ionage expects to process more than 20 million units of energy per month over the next 12 months, supported by monthly growth of more than 25%. The company also plans to develop and support CPO micro-clusters in Tier-II cities over the next 18 months as charging infrastructure expands beyond major urban centres.
India’s EV charging market continues to face challenges related to interoperability and fragmented infrastructure. Ionage is seeking to address these issues by providing an interoperability layer that allows EV users to discover and access chargers across different networks through a single platform.
According to research cited from the Confederation of Indian Industry (CII) and Observer Research Foundation (ORF), India’s EV charging infrastructure will need to expand more than 40 times by 2030 to meet anticipated demand. The country is expected to require more than 1.32 million public chargers to support more than 30 million electric two-wheelers and four-wheelers.
Ionage offers several products across the EV charging ecosystem, including Nexus, a charge point operator management platform; the Ionage App for charger discovery, planning, charging and payments; Flo, a CPO-fleet discovery marketplace; and CASA, a home charging management solution. Its Discovery API and business SDK are currently in closed beta.
The company has also begun deploying artificial intelligence and machine learning capabilities for load balancing and energy management across its charging network. The latest funding is expected to support Ionage’s efforts to scale its technology platform, strengthen charging-network interoperability and expand access to EV charging infrastructure across India.
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