EV startup Clean Electric raises $6 Mn

Energy storage solutions startup Clean Electric has raised $6 million in a funding round co-led by Info Edge Ventures, Pi Ventures, and Kalaari Capital. Lok Capital and other investors also participated in the round.

The funds will be used to expand research and development, grow the sales and operations teams, and develop new products, the company said in a media release. Entrackr exclusively reported the deal last month.

Founded 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 is currently working with 12 electric vehicle OEMs and plans to extend its technology to electric four-wheelers and commercial vehicles.

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

In an interview with ET, Gupta stated that the firm is currently achieving an annual run rate (ARR) of $1.2-1.5 million and aims to reach nearly $10 million ARR by next September.