Bengaluru-based startup PointO has announced a significant milestone in its mission to transform India’s lithium battery landscape. The company has successfully raised ₹62 million (~$743,236) in seed funding, with Equirus InnovateX Fund (EIF) leading the round with an investment of ₹50 million ($599,364). Founded by IIT-Guwahati alumni Riki Biswas, Gaurav Jindal, and Pratimendra Bagui, PointO aims to establish a comprehensive lithium battery ecosystem encompassing manufacturing, financing, and servicing.
The infusion of funds comes at a pivotal moment for PointO as it plans to expand its physical presence to more than ten cities over the next 12 months. Initially focusing on financing solutions for e-rickshaw owners in Tier-II cities, PointO aims to address the low adoption rates of lithium batteries in this segment, attributed to operational and financial complexities.
Riki Biswas, CEO of PointO, emphasized the transformative potential of lithium-ion batteries for e-rickshaw drivers, stating, “By offering higher mileage and reducing the cost of capital, we aim to potentially triple or quadruple e-rickshaw drivers’ take-home income.”
India’s transition to e-rickshaws, with over 2.4 million currently operating and replacing traditional rickshaws, presents a significant opportunity for PointO. With lithium batteries comprising a substantial portion of the total cost of ownership and growing sustainability concerns, PointO is strategically positioned to capture significant market share and drive industry-wide transformation.
Sunder Nookala, Early-Stage VC and Head of Tech and Digital at Equirus, expressed enthusiasm about partnering with PointO, affirming their commitment to driving positive change and sustainable growth in the lithium battery ecosystem. As India moves towards a future powered by electric vehicles, PointO’s innovative approach holds the promise of revolutionizing the mobility sector and fostering sustainable development.