Electric mobility startup INDEANTA raises $150,000 in bridge round

Electric mobility start-up INDEANTA raises $150,000 from IvyGrowth Associates and a network of Angel Investors.

The round is led by Prateek Toshniwal, Mehul Shah, Nine Spar and others. The fundraise represents a bridge round in their ongoing Pre-Series A round.

The funds raised will be used to hire talented and driven people to help expand the business both in India and abroad. A part of the fund will also be used to strengthen the technology platform, on-board OEMs with our leasing plans in order to continue staying asset-light and, most importantly, to focus on innovation and improvements with regard to battery technology, V2G(Vehicle to grid technology) and smart charging infrastructure.

The company claims to have a presence in 6 Indian states and is looking at revenue close to $2 million for this financial year.

Having started operations in Dec 2020, Indeanta began with its in-campus mobility services.

"At Indeanta, we firmly believe that Electric Mobility as a Service (EMaaS)is a vastly underserved sector. The Electric Mobility space is crowded with OEMs, component suppliers and technology enablers; however, the service industry is where the change is taking place. One cannot go without the other. We are glad the investors have extended their trust, financial support and mentorship towards us. This certainly will help us achieve our ambitious plans in the pipeline," said Dr. Aaron D'souza, the founder of Indeanta.

"Considering the EV space growth and the In campus demand in institutes, INDEANTA will be a company to look for in the future. Dr. Aaron D'souza is one of the most passionate founders and will be leading this journey in the decade ahead," said Prateek Toshniwal, Cofounder, IVY Growth Associates.

Published on: Thursday, June 02, 2022, 02:58 PM IST