Pune: BatteryPool, which offers battery charging solutions for EV fleets and commercial vehicles, has raised an undisclosed amount of growth capital as part of its seed funding round.
The round was led by Indian Angel Network (IAN) and Pune-based Venture Center under the NIDHI-Seed Support Scheme, and saw participation from lead investors including Arjun Seth and Harshavardhan Chitale.
Previously, the Pune-based startup had raised grants from the Department of Science and Technology (GoI) and an angel round along with the 100X.VC investment.
The freshly infused capital will be utilized for scaling up BatteryPool’s business development efforts and adding new fleet charging products to its portfolio.
Having earned degrees in electrical engineering from Purdue University, and later from Stanford University, founder Ashwin Shankar moved back to India. For a year, he spent working at a technology policy think tank, where he explored technology and innovation in the automotive industry.
During the same period, there was an increase in the awareness about EVs following the Government of India’s announcement to go all-electric by 2030. With all the learnings, experiences, and skill sets that he gathered over the years, Ashwin founded BatteryPool startup in 2018.
Ashwin bought a fleet of 20 EVs and two-wheelers and deployed them with small businesses and delivery boys in Pune. Running this fleet for a year, the team identified the problems faced in running EV fleet operations first hand. From vehicles running out of charge in the middle of deliveries to drivers not being able to locate charge points when they wanted to recharge their battery packs, there were existing bottlenecks.
Currently, BatteryPool is solving these challenges via its flagship product – a smart battery-swapping station for fleet and commercial EVs. The swapping station is battery agnostic and software-enabled allowing fleets and commercial EV drivers to swap their batteries and eliminate any downtime caused by charging their vehicles. The startup has some of the largest two- and three-wheeler EV fleets as its customers.
Recently, BatteryPool has signed large contracts/POs with one of India’s largest e-rickshaw fleets. The startup is also planning to introduce Smart Plug-In chargers for fleet/commercial EVs without swappable battery packs in the near future.