ElectricPe raises $5 Mn in pre-Series A round

EV charging aggregation platform ElectricPe has raised a $5 million pre-Series A round led by Green Frontier Capital, Blume Ventures, and Micelio Fund, and also saw participation from Dubai based NB Ventures, Anchorage Capital Partners, Supermorpheus, and Climate Angels. 

The pre-Series A funding round is completed just 12 months after the seed funding round. According to ElectricPe, it will use the combined capital of $8 million to deepen technology investments and scale operations.

In September last year, it also raised $1.21 million in debt. Entrackr had exclusively reported this development.

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 as well. The company had partnered with Hero Electric to set up charging points in apartments, commercial complexes and other establishments across India.

Since its inception, the startup claims to have built its charging network in Bengaluru, with 10,000 live charging points. In a span of 7.5 months, ElectricPe app usage has increased by 30% month-on-month, with customers on the network completing 4 million green kilometres.

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 around $800 million in 62 deals in 2022, up from $570 million in 2021 and $195 million in 2020.