Wattapp Technologies Pvt Ltd, which runs electric vehicle charging startup ElectricPe, on Thursday said it has secured pre-Series A funding of $5 million (around Rs 41 crore) led by greentech venture fund Green Frontier Capital.
The round also saw participation from existing investors Blume Ventures, and Micelio Fund, with NB Ventures, Anchorage Capital Partners, Supermorpheus and Climate Angels.
The company has declined to comment on the post-money valuation.
The fresh funds will be deployed to deepen technology investments and scale operations.
ElectricPe’s latest round comes one year after it had raised $3 million in a seed fundraise led by Blume Ventures and Micelio Fund, in November 2021.
"We've received positive consumer response to our offering of a single app to find, use and pay across any charging or swapping station. Our belief has always been in stage-by-stage capitalisation as we ramp up our operations and create a holistic full-stack consumer-facing platform," said Avinash Sharma, co-founder and chief executive at ElectricPe.
Founded in May 2021 by Sharma and Raghav Rohila, ElectricPe aims to make access to charging points seamless, and efficient. The company’s aggregator platform uses technology to enable discovery of charging points. It claims to have dispensed about 100 gigawatt hours of energy.
“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/swapping points to find, use and pay will not only help increase adoption, but also utilization of charging infrastructure,” said Arpit Agarwal, director, Blume Ventures.
The electric charging aggregator platform expects the demand for electric vehicles growing at an annualized rate of 39%, with electric charging forming a central pillar of this EV infrastructure.
Green Frontier Capital has been an active investor in the electric mobility space. In May last year, GFC co-led the Series A fundraise round of EV cab hailing platform Blu Smart Mobility Pvt Ltd. More recently, the firm funded RevFin Services Pvt. Ltd, a digital lending startup focused on e-mobility, leading the round alongside LC Nueva Investment Partners. Inkodop Technologies Pvt Ltd, which operates electric vehicle startup EMotorad, is alos one of GFC’s investee companies.
Among other investments in the EV charging space, electric mobility infrastructure startup Exponent Energy Pvt. Ltd raised $13 million in a Series A round led by Lightspeed Venture Partners, in August 2022. Its existing investors YourNest VC, 3one4 Capital and AdvantEdge VC also participated in the round.
