Exclusive: EV charging platform ElectricPe raises debt round

Electric vehicle charging platform ElectricPe has raised a debt round from two investors which came after 10 months of its seed round.

The board at ElectricPe has passed a special resolution to issue 1,650 compulsory convertible debentures (CCD) at an issue price of Rs 60,000 per debenture to raise Rs 9.9 crore or $1.21 million.

Micelio Technology Fund of Micelio Investment Trust has led the debt round with Rs 6 crore followed by NB Ventures who put in remaining Rs 3.9 crore.

Founded in May 2021, ElectricPe’s app lets users locate and access EV charging points which provide best charging rates. Using its app, users can scan the QR code and charge their vehicles, and complete the payment piece as well. The company had partnered with Hero Electric to set up charging points in apartments, commercial complexes and other establishments across India.

In November last year, ElectricPe raised $3 million in its Seed round from Blume Ventures and Micelio Investment Trust including angel investors: Ashish Goel, Bhuvan Gupta and a few others. 

Over the past few months, battery charging and infra startups have been witnessing significant interest from investors. A clutch of companies such as  Battery Smart, Log9 Materials, and Electricfuel have raised funding in the recent past. As per our data tracking platform Fintrackr, EV startups have scooped up $670 million in 2022 so far, up from $570 million in 2021 and $195 million in 2020.