ACS Energy (Ayka Control Systems Pvt. Ltd.), India’s first UPI-enabled EV charging platform, has raised ₹1.1 crore in a pre-seed funding round led by Inflection Point Ventures (IPV). The Mumbai-based startup is revolutionising the electric vehicle (EV) charging landscape by integrating hardware and software solutions that make charging fast, smart, and accessible for urban and residential users.
Accelerating EV Infrastructure Across Maharashtra and Gujarat
ACS Energy plans to deploy over 5,000 UPI-enabled EV charging stations across Maharashtra and Gujarat. The new funding will also support the development of AI-driven Energy Management Systems (EMS) for high-rise buildings and large residential townships, enabling intelligent load management and efficient energy distribution in urban spaces.
Currently operational in Mumbai, Pune, Ahmedabad, Kerala, and Surat, ACS Energy aims to scale its network rapidly, focusing on cities with high EV adoption potential.
Innovative Technology Driving User Convenience
Founded in 2022, ACS Energy has pioneered India’s first universally compatible UPI-enabled chargers for two-, three-, and four-wheelers, simplifying the charging experience. The ACS Pay platform allows instant, cashless payments without the need for additional apps, making EV charging as seamless as traditional fuel stations.
Its AI-based MicroLogi™ system optimizes fleet energy loads, reduces downtime, and ensures swift, transparent payments, making the network intuitive and user-friendly.
Leadership and Vision
Jash Sheth (Founder & CEO) and Mihir Bhanushali (Co-Founder & COO) are leading ACS Energy’s mission to build India’s most intelligent and accessible EV charging ecosystem.
Jash Sheth said,
“At a petrol pump, you don’t think twice—you just pay and move. EV charging should be just as simple. With India’s first UPI-enabled charging network, we are bringing the same ease to EV users. Our AI-driven energy management systems will help buildings and DISCOMs manage loads efficiently, making sustainable mobility effortless for everyone.”
Mitesh Shah, co-founder at IPV, added,
“ACS Energy is more than just a charger; it’s a complete hardware and software package that makes EV charging fast, transparent, and hassle-free. This solution is essential for accelerating India’s EV revolution.”
A Growing Market Opportunity
The current valuation of India’s EV charging infrastructure market stands at $450 million, and projections indicate that it will surpass $13 billion by 2032, growing at a rate of over 30% annually. Globally, the EV charging market is expected to reach $400 billion by 2034, driven by electrification and smart-grid technologies. Government initiatives such as PM E-DRIVE, with a budget of ₹10,900 crore, are further boosting public and residential charging deployment.
Using its unique technology, UPI integration, and AI-powered energy management, ACS Energy is well-placed to take advantage of this market growth while making EV charging easy, eco-friendly, and expandable for cities in India.
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