Pune-based startup providing electric vehicle (EV) charging solutions goEgoNetwork has raised $2 million in seed funding to expand its electric charging network.

Rishi Bagla, Chairman of Bagla Group, an auto component manufacturer, and Olivier Guillaumond, Head of Global Innovation Labs and Fintech at ING Bank, funded the seed round.

Commenting on the investment, Bagla said, “EVs are not just about disrupting the internal combustion engine automobile industry but are part of the larger disruption in energy and transportation, which are witnessing a considerable shift towards green technology solutions.”

“In the EV sector, more focus has begun on installing charging infrastructure. This will be the single most important factor, which drives the adoption of electric vehicles,” he added.

Co-investor and advisor to goEgoNetwork, Guillaumond, said, “The transition towards sustainable mobility is an unstoppable global trend and companies which can provide reliable, fast and cost-efficient electric charging infrastructure for all types of vehicles will make a huge impact.”

goEgoNetwork Co-Founder and CEO Sayantan Chakraborti said, “The recent investment further reinforces our commitment and dedication towards being India’s only smart electric charger network. We aim to compel the market to switch towards EVs while creating more job opportunities with the best professionals in this greenfield industry.”

goEgoNetwork, which was incorporated in 2019, has a lab in the Netherlands and a manufacturing facility in Aurangabad.

The lack of adequate EV charging infrastructure in public places is a major hindrance to the growth of EVs in India. As of March 2021, the country had only 1,800 charging stations. Independent studies have projected the demand for public EV charging stations at 2.9 million by 2030.

Despite the pandemic’s adverse consequences, several Indian EV startups managed to raise funding in 2020, which speaks of the potential investors see in this segment.

Speaking to Mercom at the beginning of the year, several EV companies had said that they expected 2021 to be exceptional for India’s electric vehicles sector.

According to a report by NITI Aayog and Rocky Mountain Institute (RMI), India’s transition to electric vehicles will require a cumulative capital investment of $266 billion (₹19.7 trillion) in EVs, charging infrastructure, and batteries over the next decade.

Recently, Convergence Energy Services Limited, a wholly-owned subsidiary of Energy Efficiency Services Limited (EESL), invited e-bids for the empanelment of an independent third-party validation and verification agency for its electric vehicle charging infrastructure project.