ElectricPe, an electric vehicle (EV) charging aggregator, has raised $3 million in a pre-series A funding round led by Green Frontier Capital. The round also included participation from existing investors Blume Ventures, Micelio Fund, and NB Ventures. The Bengaluru-based startup plans to use the new capital to expand its operations into new regions and enhance its technological capabilities.
This funding marks the closure of ElectricPe’s pre-series A round at a total of $8 million, following an initial $5 million raised last year. The company aims to address existing gaps in the EV charging sector and establish itself as a comprehensive platform for all EV-related needs. Avinash Sharma, cofounder and CEO of ElectricPe, emphasized the importance of phased funding in the company’s growth strategy.
Founded in 2021, ElectricPe has developed a super app that allows users to locate, access, and pay for EV charging points, regardless of the charging type. The app also offers a multi-brand store where users can explore a variety of electric two-wheelers, along with options for EV financing, servicing, and subscription plans. Customers can make purchases through physical stores, the company website, or the app itself.
The platform currently supports over 25,000 public chargers and has seen a 30% month-on-month growth rate, facilitating over 28 million green kilometers. In Bangalore, ElectricPe has captured more than 15% of the market share for personal EV two-wheeler sales, demonstrating its strong presence in the region.
According to Sandiip Bhammer, managing partner of Green Frontier Capital, ElectricPe is targeting a $1 billion market opportunity within India’s $60 billion EV charging sector over the next five years. Bhammer noted that Green Frontier Capital focuses on investing in companies that are at the intersection of digitization and decarbonization, as these areas are expected to drive significant growth in India.
To date, ElectricPe has raised a total of $11.3 million. The company has also recently partnered with Google to provide real-time updates on the availability and status of charging points. This feature will be integrated into Google Maps and Google Search, with plans for expansion to additional regions, further enhancing the user experience.
