The funds will be used to scale its two- and three-wheeler energy solution to over one lakh vehicles over the next two years, invest in research and development (R&D) capabilities for its proprietary battery health extension software and expand its team.
“We currently have around 2,000 batteries in operation within the hyperlocal delivery segment, and we aim to scale this to approximately one lakh vehicles, where they will use our battery packs, connected chargers, and entire energy software to develop a complete energy ecosystem,” cofounder and chief executive Sheetanshu Tyagi told ET.
Founded in 2022 by Tyagi and Rahul Patel, the Bengaluru-based startup offers a suite of hardware and software battery solutions. According to the company, its solutions enable 20-minute charging while extending battery lifespan to more than five years.
According to Tyagi, over 90% of the company’s revenue currently comes from battery sales, with the rest generated from its software solution. However, the company expects the software solution to account for more than 50% of its revenue within the next three to five years.
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“Today, we intend to set up the infrastructure. So, first, we’re selling batteries. People first need to get used to a better system and realise the value of how the extension of (battery) life helps. And that has started happening. Now even other companies are more and more interested,” he said. It serves clients like Kinetic Green, BigBasket, Domino’s, and Blinkit. It last raised $1.2 million in May last year in a funding round led by Transition VC and Gruhas.
So far in FY25, the startup has generated a revenue of Rs 10 crore and aims to double this figure by March of the current fiscal year.
On December 26, ET reported that funding for India’s EV sector has nearly halved between 2022 and 2024. According to industry executives, the decline was attributed to policy shifts and declining sales growth, prompting investors to push for improved unit economics and profitability in companies before making further investments.
