Exclusive: Info Edge, Pi Ventures lead Clean Electric’s Series A round

Energy storage solutions startup Clean Electric has raised Rs 48.5 crore (approximately $6 million) from existing and new investors. This is the second round of investment for the firm in the past 20 months.

The board at Clean Electric has passed a special resolution to issue 31 equity and 12,328 Series A preference shares at an issue price of Rs 39,243 each to raise Rs 48.5 crore or $6 million, its internal documents accessed through Registrar of Companies (RoC) shows.

Info Edge and Pi Ventures co-led the Series A with Rs 14.16 crore each while existing backer Kalaari Capital has pumped in Rs 14 crore. Angel investors Panjak Chaddah, Amit Kumar, Rama Advisors, and Lok Capital cumulatively have put in Rs 6.18 crore.

Clean Electric will use proceeds for working capital requirements, expansion, capital expenditure, and general corporate purposes. According to TheKredible’s estimates, the company has been valued at around Rs 176 crore or $21.2 million post-allotment.

Clean Electric has raised around $9 million to date including its $2.2 million seed funding led by Climate Angles and Kalaari Capital in 2022. According to the startup data intelligence platform TheKredible, Kalaari Capital is the largest external stakeholder with 20.7% followed by Info Edge and Pi Ventures which command 8.02% each, respectively.

See TheKredible for the complete shareholding pattern.

Founded in 2016 by Akash Gupta and Abhinav Roy, Clean Electric develops and manufactures advanced liquid-cooled battery solutions for two-wheelers, three-wheelers, and battery swapping, along with energy storage and infrastructure services.

The company was  in its pre-revenue stage until FY23 as its revenue from operations stood at Rs 34 lakh in the said fiscal year. Cean Electric is yet to file its annual results for the fiscal year ending March 2024.