IIT Madras-incubated smart EV charger start-up, Plugzmart has received ₹3.63 crores in seed funding, led by early-stage venture capital company BlueHill Capital and a few high net-worth individuals.
The company plans to use the money for research and development and for scaling up the team, besides ramping up production.
The start-up is planning to deliver at least one million indigenously designed and manufactured chargers in the next three years.
Plugzmart is an original equipment manufacturer of electric vehicle chargers and SaaS (software as a service) provider of electric charging infrastructure.
Incubated at IIT Madras in 2019, Plugzmart has built its own Internet of Things-enabled smart electric vehicle charging management system to integrate and communicate efficiently with chargers.
Founded by Vivek Samaynathan and Ragavendra Ravichandran, the start-up has nine products, including chargers for 2-, 3- and 4-wheelers.
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