The IIT Madras-incubated Smart EV Charger startup Plugzmart raises Rs 3.63 cr seed funding led by VC Bluehill Capital in its early stage and was followed by investors like SKCL’s Meera Reddy, Karthik Meiyappan, L Ramkumar, Shivadas Raghav, and Shailaja Reddy.
The company plans to use the funds to scale up R&D and the team, besides ramping up production to meet its already large order pipeline. The start-up is aiming to distribute at least one million indigenously designed and manufactured chargers in the coming three years, as per reported by Shiksha.com.
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Elaborating on the reasons for investing in Plugzmart, Manu Iyer, Partner at Bluehill Capital, said, “As the EV segment in India takes off, we are excited to partner with and invest in Plugzmart, and add to our EV portfolio. There is a gaping hole in the Made-in-India, safe, and quality EV charger hardware+software market which we believe can be addressed by Plugzmart. Plugzmart is an exciting startup in the greenfield industry and we are glad to back the team to achieve new heights.”
The unique aspects of the smart charger developed by Plugzmart include a software-based EV charging system that has been designed keeping in mind the growing demand for charging infrastructure in India.
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“Most of the EV chargers in India today are imported and are of low quality. As the use of EVs increases on both the consumer and commercial side, there is a need for chargers from manufacturers of 2, 3, and amp. 4-wheeler and charge point operators are set to expand rapidly and with this round of funding, we are well-positioned to meet this demand. Raghavendra Ravichandran, the co-founder of Pugsmart, said.
Plugzmart is an EV charging Station which provides end-to-end comprehensive charging infrastructure solutions across India. They offer reliable smart chargers, fast chargers, and on-demand portable chargers with robust connectivity and mobile application that meet the needs of the next generation of smarter mobility.
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PlugZmart is founded by Vivek Samyanathan and Ragavendra Ravichandran in 2022 and aims to provide a solution for electric vehicle charging.
They offer reliable smart chargers, fast chargers, on-demand portable chargers with robust connectivity, and mobile applications that meet the needs of the next generation of smarter mobility.
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