Funding Alert
EV tech startup Electrifuel raises RS 1.8 Cr in funding from Indian Angel Network
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ByStartupStory | September 1, 2022
Electrifuel, an Electric vehicle (EV) technology startup, has raised Rs 1.8 crore in funding from the Indian Angel Network (IAN), led by lead investors Vishnuraj Kunjur, Sahil Kejriwal, and Pradeep Gupta.
The business stated that it will utilise the capital to boost production by expanding its staff and hiring for several positions as well as investing in R&D. (R&D).
Co-founder of Electrifuel, Ujjwal Bhardwaj said, “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, “Electrifuel has developed proprietary, indigenous battery management (BMS), telematics hardware, and EV operating system through its SaaS model. Their equipment and software model are proven considering the number of units implemented by leading manufacturers such as Greenfuel, Indigrid, Waaree, and Hyperex, among others. We are excited to be part of Electrifuel’s journey, growth, and mission.”
Founded in 2017 by Sumesh Kumar, Sunil Kumar, Abhishek Kumar, and Ujjwal Bhardwaj, Gurgaon-based Electrifuel supports IEV and battery manufacturers in providing products with exact geolocation and cellular connectivity, quick and efficient charging, battery swapping, warranty administration, and service management.
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