Blockchain EV Firm DeCharge Raises $2.5 Mn Seed Funding

DeCharge, a startup focused on blockchain-powered EV charging solutions, has raised $2.5 million (around Rs 21.4 Crore) in its seed funding round led by early stage crypto investment firm Lemniscap.

Existing investors including Colosseum, Daedalus Angels, EV3 Labs, Chainyoda Jedis, Levitate Labs, and individual investors such as Nom, creator of the memecoin BONK and Arnold Lee from Spherelabs, also took part in the funding.

The startup plans to use the fresh funds to expand its team and strengthen its presence in the US, Europe, the Middle East and emerging markets. It will also deploy VoltBox chargers at key locations like highways, logistics hubs and urban centers.

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“We aim to grow our presence in over 16,000 locations and 1 Mn+ EV riders in the coming 16 to 18 months,” cofounder Mohan Ponnada said.

The startup plans to raise more funds in the next 8-10 months to expand further. So far, the Hyderabad-based startup has raised around $3 million.

About DeCharge 

Founded in 2024 by Mohan Ponnada, Prakash Kamaraj and Rama Krishna, DeCharge is a decentralized EV charging platform built on Solana. It sells the 7kW DeCharge Beast charger and manages all operations, including authentication and payments, through its IoT-enabled charging stations.

The startup follows a community-driven model, similar to Airbnb, by building an EV charging network. Customers can set up charging stations and earn money whenever other EV owners use them. They also earn reward points which can be redeemed later.

The startup has a network of over 3,000 chargers serving nearly 8,000 riders in India and the US.

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