EV charging tech startup ElectricPe raises $3M seed funding to help users locate and access EV charging points that offer the best charging rates in India
With growing demands for electric vehicles across the globe, more charging points are needed to power millions of new electric vehicles that are going to hit the roads in years to come. That’s why charging platform ElectricPe is leading the way in India to provide millions of EV car drivers with affordable charging points in the country.
To further develop its deep-tech platform and create a nation-wide EV charging network, ElectricPe announced today it has raised $3 million in seed funding led by Blume Ventures and Micelio Fund. Other backers in this round include notable angel investors such as Anshuman Bapna (Terra.do), Anupam Mittal (Shaadi.com), Arjun Ravi Sheth (Partner at Anchorage Capital Partners), Ashish Goel (Urban Ladder), among others.
According to reports, India is expected to have over 5 million public charging stations across the country, with multiple players working to address range anxiety by enhancing the density of charging points.
ElectricPe is not charging station provider. Instead, it partners with a nationwide network of EV charging points and independent charge point operators and onboards them onto the ElectricPe platform. Think Uber, but for EV charging–ElectricPe helps users discover charging stations that offer the best charging rates via its app.
Founded in May 2021 by Avinash Sharma and Raghav Rohila, ElectricPe has built a B2C EV charging and demand generation app that offers EV users a one-stop platform to access EV charging points, which also tracks real-time usage, ensuring a trusted network wherever and whenever they need it. The app is OEM (original equipment manufacturer) agnostic, which opens up a nationwide network of charging stations to users.
“With rising fuel prices and favorable government incentives, the EV revolution has already started, and our vision is to enable affordable and clean charging for all,” said CEO Avinash Sharma. “We are taking an ecosystem approach by working with all industry stakeholders, thereby making adoption more seamless.”
“We are particularly excited about partnering with Avinash and Raghav on their journey to take India successfully into the new world of EVs, as the #1 reason for the lack of adoption of EVs in India is the lack of charging infrastructure. Unfortunately, it is also a catch-22 situation as charging infrastructure providers won’t invest unless they see demand, and consumers won’t buy vehicles until they see the infrastructure. ElectricPe is looking to disrupt the market by bridging this gap. In doing so, they will soon become the largest EV charging platform in India,” said Arpit Agarwal, Director, Blume Ventures.
“Using our proprietary technology and platform approach, we aim to solve for ‘trust’, which an EV user requires when looking for charging services. With rising fuel prices and favorable Government incentives, the EV revolution has already begun, and our vision is to enable affordable and clean charging for all. We are taking an eco-system approach by working with all industry stakeholders, thereby making adoption more seamless,” said Avinash Sharma, Co-Founder & CEO, ElectricPe.