Delhi-NCR-based EV technology start-up, Electrifuel has received an investment of INR 1.8 crore in its Seed Round from the Indian Angel Network (IAN).
The round was led by IAN Lead Investors Vishnuraj Kunjur, Sahil Kejriwal and Pradeep Gupta.
The company intends to utilize the funds to hire top talents for multiple roles to expand its team while scaling up production. Electrifuel also plans to invest in its R&D for the overall growth of the enterprise.
Founded in 2017 by a group of engineers, Sumesh Kumar, Sunil Kumar, Abhishek Kumar, and Ujjwal Bhardwaj, Electrifuel enables EV and battery manufacturers to provide products with precise geolocation and cellular connectivity, efficient and fast charging, effortless battery swapping, warranty and service management.
The founders graduated from the same campus — BRCM College of Engineering & Technology, and competed in several robotics competitions and hackathons together.
Ujjwal Bhardwaj, co-founder, Electrifuel, said, “At Electrifuel, we are constantly working on EV technologies that can 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.”
Vishnuraj Kunjur, Lead Investor at IAN said, “As the world is moving towards green energy, Electric Vehicles (EV) 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 battery management (BMS), Telematics hardware, and EV operating system through Electrifuel’s SaaS model. Their equipment and software model is already proven considering the number of units implemented by leading manufacturers such as Greenfuel, Indigrid, Waaree, Hyperex, etc., also the huge pipeline they have with all Tier1 EV automobile firms in India and around the globe. 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.”
The market size of EV and Battery tech is valued at 5000 Crores by 2025, out of which around 1200 crores worth is addressable with currently deployed products.