New Delhi
BatteryPool, which offers battery charging solutions for EV fleets and commercial vehicles, has raised an undisclosed amount of growth capital as part of its seed funding round.
The round was led by Indian Angel Network (IAN) and Pune-based Venture Center under the NIDHI-Seed Support Scheme, and saw participation from lead investors including Arjun Seth and Harshavardhan Chitale. Previously, the Pune-based startup had raised grants from the Department of Science and Technology (GoI) and an angel round along with the 100X.VC investment.
The freshly infused capital will be utilized for scaling up BatteryPool’s business development efforts and adding new fleet charging products to its portfolio.
Ashwin Shankar, Founder, BatteryPool said that, they identified that challenges around battery charging can lead to downtime of commercial and fleet electric vehicles. Battery swapping can serve as a viable option to eliminate this downtime. However, existing battery swapping services require fleet operators and drivers to conform to a certain battery standard and this can be expensive and significantly restrict the fleet operations to where these services are being offered. Therefore, they built hardware that is agnostic to battery type and can be used by fleet operators regardless of the battery standards being used in their fleets.
He added that, the key focus is to cater to EV fleet operators and commercial electric vehicles via partnerships with OEMs, and battery pack manufacturers and appreciate the support of their vision by IAN and marquee investors.
Recently, BatteryPool has signed large contracts/POs with one of India’s largest e-rickshaw fleets. The startup is also planning to introduce Smart Plug-In chargers for fleet/commercial EVs without swappable battery packs in the near future.
Source: BatteryPool Press Release
Image Source: BatteryPool Press Release
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