EV Charging Aggregator ElectricPe Raises $3 million from Green Frontier Capital
This new fund will be utilised by the Bengaluru-based startup to expand its operations to new geographies and for technological advancement, the company said on Tuesday.
“We have always believed in stage-by-stage funding, and this $3 million investment marks the closure of our pre-series A round at $8 million, which began last year with $5 million. ElectricPe will continue to address the gaps in the sector and build ‘the de facto’ single platform to cater to all EV needs for our customers,” said Avinash Sharma, cofounder and CEO of ElectricPe.
Founded in 2021, ElectricPe operates a super app that enables users to identify, access, and pay for EV charging points regardless of charging type. The app also features multi-brand stores that present prospective buyers with a wide range of electric two-wheelers to choose from while also offering users EV financing, servicing, and subscription plans. These users can also purchase vehicles from physical stores, the company website, or the app.
The platform currently supports over 25,000 public chargers and has experienced a 30% month-on-month (MoM) growth rate, facilitating over 28 million green kilometres. It claims to have captured over 15% of the market share of all personal EV two-wheeler sales in Bangalore.
ElectricPe is targeting a $1 billion market in the next five years, out of a total EV charging market of about $60 billion in India, Sandiip Bhammer, managing partner of Green Frontier Capital, told ET.
“Our entire thesis is to invest in companies that are on the cusp of digitisation and decarbonisation. The companies that we invest in are causing disruption because they are digital in nature and are also decarbonising in a major way. We believe that the next leg of growth in India is going to come from these two,” Bhammer said.
Additionally, it has recently partnered with Google to enable real-time visibility of charging point availability and status for users across India. This feature will be integrated into Google Maps and Google Search, with plans for expansion to other regions.
