Cleantech startup The Energy Company has secured $2 Mn (around INR 17.4 Cr) in a Pre-Series A funding round co-led by Siana Capital, Callapina Capital, Z21 Ventures, 1Crowd and LetsVenture.

The round also saw participation from a host of strategic investors.

The Bengaluru-based company plans to use the fresh funding to expand its support for broader adoption of electric vehicles and enhance battery intelligence capabilities for fleet operators.

Founded in 2021 by Rahul Lamba, Prashant Rathee, Pratik Somani and Vinay Karulkar, The Energy Company focuses on improving battery efficiency, longevity, and performance in the EV ecosystem. It has developed Flexi, an advanced battery intelligence platform, and FlexiPack, a fast-charging, high-performance battery for electric two-wheelers and e-rickshaws.

“..This funding milestone is a testament to our team’s relentless innovation and the trust of our investors. We are grateful to our partners and ecosystem supporters who have guided us along the way,” said Lamba.

The startup has also partnered with Ather Energy, which is preparing for an IPO, to integrate its Flexi batteries into a network of more than 2,000 charging stations across India.

The development comes at a time when India’s EV ecosystem has been witnessing a host of activities.

For instance, early last week auto giant Tata Motors has announced plans to bolster the EV charging network in India by increasing the total number of EV charging points to 4 Lakh by 2027.

Similarly, Epsilon Group agreed to invest INR 15,350 Cr (about $1.8 Bn) for setting up a manufacturing and research facility for EV battery testing and advanced materials in Karnataka

India’s EV market, currently valued at $54 Bn, is expected to reach a market size of $132 Bn by 2030. The space has already minted a unicorn ‘Ola Electric’, which went public last August, while Ather Energy is set to float its INR 3,100 Cr IPO this year.