IIT Madras-incubated startup Plugzmart on Tuesday said it has raised Rs 3.63 crore in a funding round led by early-stage VC BlueHill Capital.
Other investors in the seed round also include Meera Reddy of SKCL, Kartik Meyyappan, L Ramkumar, Sivadas Raghava and Shailaja Reddy, the company said in a statement. The firm, which provides electric vehicle charging management systems, said it plans to use the funds for R&D and scaling up the team and for ramping up production to meet the order pipeline already in hand.
The startup said it is targeting to deliver at least 10 lakh indigenously-designed and manufactured chargers in the next three years. “As EV adoption increases both on the consumer and commercial sides, the requirement for chargers from manufacturers of two, three and four-wheelers and charge point operators is going to scale rapidly and with this round of funding we are well positioned to fulfil this demand,” Plugzmart Co-founder Ragavendra Ravichandran said.
“There is a gaping hole in the made-in-India, safe and quality EV charger hardware and software market which we believe can be addressed by Plugzmart,” Bluehill Capital Partner Manu Iyer said.
Pingback: BetterPlace raises USD 40 million from group of investors