Electric Vehicle (EV) charging aggregator ElectricPe has raised funding of $3 million pre-series A Round from Green Frontier Capital, an early-stage venture capital fund. The funds will be used to launch new products and expand to new locations.

The lead investors were Blume Ventures, Micelio Fund, and NB Ventures.

Since its inception in 2021, the app has experienced a 30% month-on-month growth rate. The company operates 25,000+ public chargers and has over 15% of the market share of all personal EV two-wheeler sales in Bengaluru.

Besides the app, the company has multi-brand stores of electric two-wheelers. It also offers its users and buyers EV financing, servicing, and subscription plans.

“Our goal is to drive EV adoption by consolidating everything in one place—charging, EV buying, and servicing. We have always believed in stage-by-stage funding, and this $3 million investment marks the closure of our pre-series A round at $8 million, which began last year with $5 million,” said Avinash Sharma, Co-founder and CEO of ElectricPe.

“Green Frontier Capital is committed to backing innovative companies that are shaping a sustainable future. ElectricPe’s comprehensive approach to addressing the challenges in EV adoption aligns perfectly with our investment thesis,” said  Sandiip Bhammer, Managing Partner of Green Frontier Capital.

Earlier, the Ministry of Power released draft guidelines for EV charging infrastructure to accelerate EV adoption and create a robust charging ecosystem across the country.

India had installed 8,738 operational public electric vehicle charging stations as of June 30, 2023, according to the Bureau of Energy Efficiency and the Ministry of Power data.

The government aims to install 46,397 public charging stations for EVs in nine major cities by the end of the decade. The Bureau of Energy Efficiency has been selected as the central nodal agency for installing the charging stations.