Home News BatteryPool raises funds for scaling up Business

BatteryPool raises funds for scaling up Business

BatteryPool raises funds for scaling up Business

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
and Pune-based Venture Center under the NIDHI-Seed Support Scheme,
and saw participation from lead investors including Arjun Seth and
Harshavardhan Chitale.
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

Source: BatteryPool Press Release

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