Pi Beam raises $1.7 million in its Pre-Series A funding round led by IPV
- ByStartupStory | May 13, 2022
Pi Beam Electric has raised $1.7 million in a pre-series A round which was led by Inflection Point Ventures. The funding round also witnessed the participation of Sattva Group and Nanavati family syndicates along with the Sincere Syndication and Conscience Multi-family office. Arshad Sayyad, the former India head of Fidelity Investment, Vijay Ratnaparke, the CIO of Robert Bosch and also Shaji Koshy, the former SVP of Royal Enfield were among many others who also took part in the round.
The funds thus raised will be used to develop the deployment platform, expand the team and scale operations to various cities and create new products. Pi Beam is currently present in Bengaluru and Chennai with more than 100 EVs in the fleet. The company is rapidly expanding to Hyderabad, Mumbai and Delhi and also plans to enhance the fleet by 2,000 by the next fiscal year. The company has also collaborated with IIT Madras for EV Technologies.
Visakh Sasikumar, the founder and CEO of Pi Beam said that the company is disrupting the EV as a service business model with an integrated EV ecosystem platform that connects the dots to offer reliable and scalable services. Presently, the startup is offering its services to e-commerce brands, food delivery unicorns and last-mile supply chain companies. Pi Beam Electic is a vertically integrated EV as a service platform for logistics and commute applications and was founded by Visakh Sasikumar and Manu Iyer.
Ankur Mittal, the co-founder of Inflection Point Venture said that IPV has been closely looking into the EV landscape taking place in India. With the investment in the company, we continue to focus on the EV sector. Their micro-mobility EV solutions ensure reliability to the company that needs last-mile delivery. He also said that as the adoption of EVs grows the startup will witness exponential growth.
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