Smart EV Charger startup Plugzmart has raised Rs. 3.63 crore in seed round led by early-stage VC BlueHill Capital and followed by investors such as Meera Reddy of SKCL, Kartik Meyyappan, L. Ramkumar, Sivadas Raghava and Shailaja Reddy.
The company plans to use the funds for R&D and ramping up the team besides ramping up production to meet the large order pipeline already in hand.
Founded by Vivek Samaynathan and Ragavendra Ravichandran, Plugzmart is an Original Equipment Manufacturer (OEM) of electric vehicle chargers and SAAS provider of electric charging infrastructure. It has built its own IOT-enabled smart EV charging management system to integrate and communicate efficiently with chargers. Their portfolio of nine products includes chargers for two, three and four-wheelers.
Plugzmart has a portfolio of nine products across AC/DC and different power ranges including AC chargers (7.4kW – 22kW) and DC chargers (30kW – 120kW).
Early-stage VC BlueHill Capital’s portfolio companies include Skit, Detect Technologies, Intugine and ZedBee among others.