The funding round also saw participation from Dubai-based NB Ventures, Anchorage Capital Partners, Supermorpheus, and Climate Angels.
“The funding will be used to improve our technology and expand to cities outside Bengaluru,” cofounder and chief executive officer Avinash Sharma told ET.
The startup was founded by former Ola executives, including Sharma, and CPO and cofounder Raghav Rohila. ElectricPe’s COO Krishnan Sekar is also a former Ola executive.
According to Sharma, ElectricPe is a marketplace or an aggregator of electric chargers and gives customers a one-stop app for all their charging needs.
Customers can not only identify the nearest charging station on the app, but can be alerted and educated about when and how to charge their vehicles. The company has also integrated payments for charging – a pain point in the EV charging business.
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Currently, ElectricPe is only available in Bengaluru, but Sharma claims over 80% of the city’s charging network is available on ElectricPe. Sharma claimed that by the end of the quarter, ElectricPe will have covered the entire city of Bengaluru.
He said the company has around 20,000 active customers and includes regular users. The startup also has the gig economy workforce driving for food delivery and ecommerce companies – whose fleets are increasingly getting electrified, as ET reported on December 5 – as their customers.
Revenue model
The startup generates revenue by charging a convenience fee from the customer’s end, Sharma said.
“As e-mobility gains traction in India, ElectricPe has identified a primary challenge and is working to create easy and seamless access to a trusted network of charging points/swapping stations in one space,” said Sandiip Bhammer, managing partner of Green Frontier Capital.
“The EV sector is growing at a rapid pace and consumers are seeking full-stack solutions in one place. Having a trusted dense network of charging or swapping points to find, use and pay will not only help increase adoption, but also utilisation of the charging infrastructure,” said Arpit Agarwal, director, Blume Ventures.
