EV mobility solutions company, Pi Beam Electric has raised $1.7mn in a pre-Series A round from Inflection Point Ventures.
Many investors including existing investors and prominent family offices like Sattva Group & Nanavati family, syndicates including Sincere Syndication and Conscience Multi-family Office. Vijay Ratnaparke (CIO of Robert Bosch), Shaji Koshy (former SVP Royal Enfield), Industry stalwarts Arshad Sayyad (former India Head Fidelity Investments), and Prof. Ashok Jhunjhunwala (Institute Prof of IIT Madras) also participated in this round.
The startup plans to use the funds to develop a deployment platform, expand the team, scale operations across multiple cities, and develop new products.
Chennai-based startup was founded in 2013 by Visakh Sasikumar, Pi Beam Electric is a vertically integrated EV as a service platform for logistics and commute applications.
“We are disrupting EV as a service business model with an integrated EV ecosystem platform, which connects the dots to provide reliable and scalable services. With control over the EV products, their financing and their O&M, and our deep EV know-how we can seamlessly deploy EV-as-a-service for various applications. Currently we provide services to leading E-commerce companies, food delivery unicorns and last mile supply chain companies. We are really excited about the huge opportunity that lies in front of us thanks to the exponential growth in the EV market”, said, Visakh Sasikumar, Founder & CEO, Pi Beam.
The startup was inspired to build India’s leading V ecosystem platform with EV knowledge, achieved by selling over 1000+ EVs in the B2B market.
The startup has collaborated with IIT Madras to continuously integrate state-of-the-art EV technologies.
“IPV has been closely watching the EV landscape taking shape in India and we have led many investments across the sectors right from EV to EV-infrastructure linked startups. Investment in Pi Beam is the continuation of our focus on the EV sector. They provide green micro-mobility EV solutions for logistics and commute with data driven insights which ensures reliability to any company which requires last mile delivery. As the adoption of EV grows, Pi Beam’s market will also see exponential growth. We are keenly interested in investing in such disruptive technologies”, said, Ankur Mittal, Co-Founder, Inflection Point Ventures.
The startup is currently present in the fleet with 100+ EVs in Bangalore and Chennai and is expanding rapidly in Hyderabad, Mumbai, and Delhi and plans to increase the fleet to over 2000 by the next financial year.