ElectricPe Raises Second Funding Round In 12 Months

ElectricPe today announced that it has closed a Pre-Series A round of USD 5 million. The funding round was led by investors like Green Frontier Capital, Blume Ventures, and Micelio Fund, and also saw participation from NB Ventures, Anchorage Capital Partners, Supermorpheus, and Climate. The Pre-Series A funding round is completed just 12 months after the seed funding round. ElectricPe will use the combined capital of USD 8 million to deepen technology investments and scale operations. 

"We've received positive consumer response to our offering of a single app to find, use and pay across any charging or swapping station. Our belief has always been in stage-by-stage capitalisation as we ramp up our operations and create a holistic full-stack consumer-facing platform," said Avinash Sharma, Co-Founder & CEO, ElectricPe.

“We are focused on investing in homegrown start-ups which have a strong vision and are proving their ability to provide a unique technology solution to the growing climate change issue. As E-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,” said Sandiip Bhammer, Managing Partner, Green Frontier Capital.

ElectricPe has built the most dense charging network in Bangalore, with 10,000 live charging points. In a span of 7.5 months, the ElectricPe app usage has increased by 30 per cent month-on-month, with customers on the network completing 4 million green kilometres.

“The EV sector is growing at a rapid pace and consumers are seeking full-stack solutions, in one place. Having a trusted dense network of charging/swapping points to find, use and pay will not only help increase adoption but also utilisation of charging infrastructure,” said Arpit Agarwal, Director, Blume Ventures.

The demand for EVs is expected to grow at 39 per cent 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. The company has dispensed a record 100 gigawatt hours of energy.