Pune-based electric vehicle-focused startup, BatteryPool, raises new investment round for its battery and charging services.
The startup focuses its smart, software-based battery-changing product toward fleets of electric vehicles and the commercial automotive sector. BatteryPool was founded in 2018 by Ashwin Shankar.
“We identified that while EVs made sense commercially, challenges around battery charging can lead to downtime of commercial and fleet electric vehicles,” Shankar said. “Battery swapping can serve as a viable option to eliminate this downtime. However, existing battery swapping services require fleet operators and drivers to conform to a certain battery standard and this can be expensive and significantly restrict the fleet operations to where these services are being offered. Therefore, we built hardware that is agnostic to battery type and can be used by fleet operators regardless of the battery standards being used in their fleets.”
Investors in the seed funding round include Indian Angel Network and Pune-based Venture Center under the NIDHI-Seed Support Scheme (SSS), and saw participation from lead investors including Arjun Seth and Harshavardhan Chitale. Earlier, BatteryPool had picked up grants from the Department of Science and Technology (Government of India) and an angel round along with the 100X.VC investment.
The company was founded with the purpose of solving issues in charging faced by electric vehicle fleets. The startup has also formed a partnership with a fleet of electric rickshaws.
“BatteryPool is walking on a path to capture a huge opportunity with India witnessing a rapid shift to electric mobility in the 2&3 wheeler segment, which is where EV adoption will see tremendous velocity,” a lead investor at IAN, Arjun Seth said. “We will offer our proprietary software & hardware solutions and embrace a collaborative platform as we build on our partnerships with OEMs and fleet operators.”
The new investment round will be put toward developing and releasing new products and business growth plans.
“Our key focus is to cater to EV fleet operators and commercial electric vehicles via partnerships with OEMs, and battery pack manufacturers,” Shankar said.
(Picture courtesy: BatteryPool)
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