Wednesday, October 4, 2023
HomeInsightFunding Alert Electrifuel raises INR 1.8 cr from IAN

[Funding alert] Electrifuel raises INR 1.8 cr from IAN

EV technology startup Electrifuel has raised INR 1.8 crore in its Seed funding round from the Indian Angel Network (IAN).

EV technology startup Electrifuel has raised INR 1.8 crore in its Seed funding round from the Indian Angel Network (IAN).

The round also saw participation from IAN investors Vishnuraj Kunjur, Sahil Kejriwal and Pradeep Gupta.

The startup plans to use the funds to hire top talent for multiple roles to expand its team while increasing production. It will also utilize the fresh capital in its R&D for the overall development of the enterprise.

Read also – [Funding alert] Construction management app Powerplay raises $7 mn in funding

The Delhi-NCR-based Electrifuel was founded in 2017 by Sumesh Kumar, Sunil Kumar, Abhishek Kumar and Ujjwal Bhardwaj, it enables EV and battery manufacturers to provide products with accurate geolocation and cellular connectivity, efficient and fast charging, seamless battery swapping, warranty and service management.

“At Electrifuel, we are constantly working on EV technologies that ca accelerate the world’s transition from fossil fuels to electric vehicles. While we have been a bootstrapped company since our inception, with IAN backing us now, we will scale up at a much faster pace and grow our team. We are looking to speed up the development of new products, acquire more clients, and expand our overall footprint,” said Ujjwal Bhardwaj, co-founder, Electrifuel.

The startup also provides essential hardware such as motor controller, vehicle control unit, telematics, battery charger, and a full suite of web and mobile apps in the form of software solutions for enterprises and customers.

It has deployed more than 15000 units of its products to over 25 customers and tested with 4 battery manufacturers.

“As the world is moving towards green energy, electric vehicles are the future to solve the fossil fuel crisis. There is a need for robust hardware and software to support, enhance the productivity and effectiveness of EVs. Electrifuel has developed proprietary, indigenous batter management, telematics hardware and EV operating system through Electrifuel’s SaaS model. We, at IAN, are excited to be part of Electrifuel’s journey, growth and mission towards increasing the productivity of green energy in the EV ecosystem,” said, Vishnuraj Kunjur, lead investor, IAN.

Read also – [Funding alert] Bored Beverages raises Rs 2.5 cr in seed round

About Electrifuel

Electrifuel is an innovative startup in the field of Electric Mobility. Their aim to make the mobility Electric, Efficient and Economical. Electric vehicles are a boon for the society and the people especially, who live in metro cities and Delhi NCR. They always dedicated to making the environment clean by reducing the emission vehicles from the road. They always encourage people who think differently to change the worst system of the society with the use of innovative technology.

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