Electric mobility start-up ElectricPe raised $5 million in a Pre-Series A funding round led by investors like Green Frontier Capital, Blume Ventures and Micelio Fund. The investment round witnessed participation from Dubai-based NB Ventures, Anchorage Capital Partners, Supermorpheus and Climate Angels.
Prior to this, the company bagged $3 million in a seed funding round.
ElectricPe will utilise the entire fund of $8 million for technological advancements. Additionally, it wants to expand its business 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," Avinash Sharma, co-founder of ElectricPe said.
“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,” Sandip Bhammer, managing partner ( MP) at Green Frontier Capital, said.
"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,” Arpit Agarwal, director of Blume Ventures, added.
ElectricPe claims to build 10,000 live charging points in seven and half months. It has witnessed a 30 per cent month-on-month increase in the usage of its ElectricPe app.