Lithium battery startup PointO has raised Rs 6.2 crore in a Seed funding round led by Equirus InnovateX Fund (EIF).
“At Pointo, we strive to replicate this impact with the introduction of lithium-ion batteries. By offering higher mileage and reducing the cost of capital, we aim to potentially triple or quadruple e-rickshaw drivers’ take-home income,” said Riki Biswas, founder and CEO of PointO.
Launched by Biswas and Gaurav Jindal, PointO is on a mission to build a full-stack lithium battery ecosystem, encompassing manufacturing, financing, and servicing of lithium batteries.
With an initial focus on adoption and financing of lithium batteries for e-rickshaw owners in tier-II and beyond cities, the company is targeting the problem of low adoption in this segment due to operational and financial complexities.
The company claims that it grew 7x in the last 12 months and plans to expand its physical centres to include more than 10 cities over the next 12 months.
The market for e-rickshaws is projected to deliver a staggering 32% compound annual growth rate (CAGR) between 2021-2032, reaching a value of $27.5 billion. With lithium batteries comprising 60-70% of the total cost of ownership and sustainability concerns driving a shift from lead-acid to lithium batteries, PointO aims to capture significant market share and drive industry-wide transformation.
