Home » This Canada Start-up to Invest ₹110 crore to Enter India’s EV Charging Space

This Canada Start-up to Invest ₹110 crore to Enter India’s EV Charging Space

The company is now hiring a leadership team to start its business in India

by Aishwarya Saxena

Toronto-based renewable energy trading marketplace, Hygge Energy has made its entry into the Indian electric vehicle (EV) charging space wherein it would provide bookings at EV chargers through an app across the country.

EV chargers The company has already set up an entity in India called Hygge Energy India Services Private Ltd. which will be the aggregator for all EV charging stations in the country.

It will roll out its services starting January 2023, Prateek Saxena, founder & CEO, Hygge Energy said in an interview.

“We will aggregate all the EV chargers and operate them on our platform. Our solution is not to set up EV chargers or generate solar energy. We are like the Swiggy or Uber of EV charging companies,” said Saxena. The company will put up router-sized boxes near charging stations to provide charging slots to EVs through bookings via its app.

“Now, an EV owner can book a slot that is unique,” he added.

The company is now hiring a leadership team to start its business in India. It is targeting to have 5 lakh charging stations under its platform in five years.

“We are targeting fleet owners engaged in last-mile delivery. We will help them to manage their assets. We will be appointing franchisees to scale up the business. Our service will drive traffic to EV charging stations and we will help owners to manage their revenues,” Saxena said.

“Our focus would be to provide EV chargers that are outside the grid. For EV owners, it will be assured charging without waste of time,” he added.

The company is now gearing up to raise ₹10 crores via a seed funding round which will be used to hire the India team and to capture near-term opportunities. It will raise another ₹100 crores next year to finance its rollout plan across India, Saxena said.

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