Kerala-based electric vehicle (EV) charging solutions startup chargeMOD has raised ₹25 million (~$301,291) from Phoenix Angels in a pre-seed investment round. The company plans to direct the funds to accelerate its product growth and expand the services for the country’s EV sector.

chargeMOD’s portfolio currently includes managing more than 2,000 EV chargers ranging from home and commercial use charging points. It has also developed a mobile application to track nearby charging stations.

The company is working to expand its reach in the Indian EV market with its product that claims to provide convenient and reliable solutions to EV owners on the go.

Kerala State Electricity Board, Larsen & Turbo, Murugappa Group, and Kochi Metro Rail Limited are a few of the many companies that have worked with chargeMOD and availed the EV solutions the startup offers.

The lead investor, Phoenix Angels, is a non-profit company promoted to provide a platform that supports entrepreneurs by connecting them to a diverse group of investors.

Director at Phoenix Angels Joe Ranji said, “At chargeMOD, we see a great combination of a wonderful product and an energetic team that has the potential to become a strong player in the EV charging space.”

According to Mercom Capital Group’s 1H and Q2 2023 Funding and M&A Report Storage and Grid Report, global corporate funding for smart grid companies increased by 64%, reaching $1.8 billion in 33 deals, driven primarily by accelerated EV adoption.

Government-owned financing institutions in India have also introduced various programs to help the EV market flourish in India.

In April this year, government-owned lender Small Industries Development Bank of India launched a pilot program— Mission 50K-EV4ECO- to cut down the cost of capital for purchasing electric vehicles, specifically two-and three-wheelers, via direct and indirect lending.

The Minister of State for Heavy Industries, Krishan Pal Gurjar, in a recent statement at the Rajya Sabha, said that India has installed 8,738 operational public EV charging stations, as of June 30, 2023, according to the Bureau of Energy Efficiency (BEE) and the Ministry of Power data.