Electrifuel, a Delhi-NCR-based EV tech startup, has raised INR 1.8 crore in its funding round from the Indian Angel Network (IAN). The round was led by IAN’s lead investors, Mr. Vishnuraj Kunjur, Mr. Sahil Kejriwal and Mr. Pradeep Gupta.
The company intends to use the funds to hire top talent for multiple roles to expand its team while increasing production. Electrifuel also plans to invest in its R&D for the overall growth of the company. Founded in 2017 by a group of engineers, Sumesh Kumar, Sunil Kumar, Abhishek Kumar and Ujjwal Bhardwaj, Electrifuel enables electric vehicle and battery manufacturers to deliver products with precise geolocation and cellular connectivity, efficient and fast charging , effortless battery swap, warranty and service. management.
Electrifuel was born when Ujjwal came up with the idea of creating a battery swap system for two and three wheelers after witnessing the concept of e-rickshaws in Delhi. However, they realized that the technologies required to establish an ecosystem of electric vehicles are either unavailable or expensive.
They saw an opportunity to fill this gap and launched Electrifuel with the aim of becoming the go-to provider of technology solutions for electric vehicles and batteries. With an incubation in the Electropreneur park (an initiative of the Ministry of Electronics and Information Technology, supported by STPI and IESA), Electrifuel had access to state-of-the-art laboratories, mentorship and advice from industry experts and veterans.
To date, Electrifuel has deployed more than 15,000 units of its products to more than 25 customers and is in the trial phase with 4 battery manufacturers. Besides battery management system, they also provide necessary hardware like motor controller, vehicle control unit, telematics, battery charger and full suite of web and mobile applications as software solutions for businesses and customers.
Ujjwal Bhardwaj, co-founder of Electrifuel, said: “At Electrifuel, we are constantly working on EV technologies that can accelerate the global transition from fossil fuels to electric vehicles. Although we have been a start-up company since our inception, with the support of IAN we will scale at a much faster pace and grow our team. We seek to accelerate new product development, acquire more customers and expand our global footprint. »
Vishnuraj Kunjur, Principal Investor at IAN, said, “As the world moves towards green energy, electric vehicles (EVs) are the future for solving the fossil fuel crisis. There is a need for robust hardware and software to support and improve the productivity and efficiency of electric vehicles. Electrifuel has developed proprietary and indigenous battery management systems (BMS), telematics hardware and electric vehicle operating systems through Electrifuel’s SaaS model. Their hardware and software model is already proven considering the number of units implemented by major manufacturers such as Greenfuel, Indigrid, Waaree, Hyperex, etc., as well as the huge pipeline they have with all Tier1 EV car companies in India and globally. At IAN, we are excited to be part of Electrifuel’s journey, growth and mission to increase green power productivity in the electric vehicle ecosystem.
The market size of EV & Battery Technology is valued at 5,000 crore by 2025, of which around 1,200 crore is addressable with currently deployed products.