ElectricPe, the Bengaluru-based electric vehicle (EV) charging aggregator, has successfully raised $3 million in a pre-Series A funding round. The investment was spearheaded by Green Frontier Capital and included participation from existing lead investors such as Blume Ventures, Micelio Fund, and NB Ventures.

The newly acquired funds are earmarked for significant expansion and innovation. According to Avinash Sharma, Co-Founder and CEO of ElectricPe, the capital will be strategically allocated in three key areas.

Firstly, the company plans to extend its geographic reach, implementing its comprehensive full-stack model in new locations. Secondly, ElectricPe aims to enhance its product offerings to simplify the EV decision-making process for consumers. Lastly, a substantial portion of the funds will be invested in advancing their technology infrastructure.

Sharma emphasised the importance of tech in their operations, highlighting that their platform integrates software to ensure seamless functionality across various charging points and scooter models.

Sandiip Bhammer, Founder of Green Frontier Capital, praised ElectricPe for its platform business model, which allows for rapid scaling without proportional increases in expenditure. Bhammer also pointed out the fragmented state of India’s EV charging infrastructure and the common issue of range anxiety among consumers.

The ability of ElectricPe’s platform to aggregate charging points across a wide area and across different vehicle types was a major factor in their investment decision. The company’s impressive growth rate of 30% month-over-month further reinforced their appeal, Bhammer added.

Sharma highlighted that the company is growing at a rate of 30% every month and aims to achieve profitability within the next 1-2 years.

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Sharma asserted that while petrol infrastructure in the country is well-established, the EV charging infrastructure is still evolving. With over 200 brands offering electric scooters in India and the added concern of battery degradation, the decision-making process for consumers is often complicated.

ElectricPe aims to simplify this process by offering a vast network of around 25,000 charging points for various types of vehicles. The company also provides online and physical stores for scooter purchases and comprehensive services including maintenance and battery replacement, Sharma stated.

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