Vertically integrated EV ecosystem platform startup Pi Beam Electric has announced it has raised $1.7mn in a pre-Series A round led by Inflection Point Ventures.
The round saw participation from prominent family offices including Sattva Group & Nanavati family, syndicates including Sincere Syndication and Conscience Multi-family Office. Industry stalwarts Arshad Sayyad (former India Head Fidelity Investments), Vijay Ratnaparke (CIO of Robert Bosch), Shaji Koshy (former SVP Royal Enfield) and Prof. Ashok Jhunjhunwala (Institute Prof IIT Madras & President IITM Research Park, IITM Incubation Cell and RTBI) also participated in this round apart from the existing investors.
What will funds be used for?
The funds raised will be utilized for developing the deployment platform, expanding the team, scaling operations to multiple cities and developing new products.
Pi Beam Electric, a vertically integrated EV as a service platform for logistics and commute applications was founded by Visakh Sasikumar and Manu Iyer. The startup had pivoted to build India’s leading V ecosystem platform with deep EV knowledge, gained by selling more than 1000+ EVs in the B2B market.
Exponential growth in EV market
Visakh Sasikumar, Founder & CEO, Pi Beam says, “We are disrupting EV as a service business model with an integrated EV ecosystem platform, which connects the dots to provide reliable and scalable services. With control over the EV products, their financing and their O&M, and our deep EV know-how we can seamlessly deploy EV-as-a-service for various applications. Currently we provide services to leading E-commerce companies, food delivery unicorns and last mile supply chain companies. We are really excited about the huge opportunity that lies in front of us thanks to the exponential growth in the EV market.”
Ankur Mittal, Co-Founder, Inflection Point Ventures says, “IPV has been closely watching the EV landscape taking shape in India and we have led many investments across the sectors right from EV to EV-infrastructure linked startups. Investment in Pi Beam is the continuation of our focus on the EV sector. They provide green micro-mobility EV solutions for logistics and commute with data driven insights which ensures reliability to any company which requires last mile delivery. As the adoption of EV grows, Pi Beam’s market will also see exponential growth. We are keenly interested in investing in such disruptive technologies.”
Pi Beam is currently present in Bangalore and Chennai with 100+ EVs in the fleet. Expanding rapidly to Hyderabad, Mumbai and Delhi, they plan to increase the fleet to 2000 by next financial year.
The startup has collaborated with IIT Madras for continuously integrating cutting edge EV technologies.