Integrated charging infratech firm EVRE on Tuesday said it has raised capital in a pre-series funding round led by Acko Technology & Services and CreedCap Asia Advisors.
The fresh capital will be deployed in capacity expansion and R&D, EVRE said in a statement. Financial details of the deal were not disclosed.
The company currently operates over 700 EV chargers across 50 charging hubs in 12 cities in the country. CreedCap Asia Advisors is an integrated investment and advisory firm that works with entrepreneurs in the consumer, software, health-tech and transportation segment.
The investment comes at a time when the EV infrastructure segment is witnessing immense interest from the public and private sector to supplement the fast-growing adoption of electric vehicles in the domestic market, EVRE said.
EVRE conceptualizes, designs, manufactures, establishes, operates and maintains EV charging infrastructure. ''The newly announced investment will significantly expand our base and contribute to building the national charging infrastructure. The funding will be used to boost manufacturing capacity, accelerate new offerings and development, and expand charging hubs into different geographies,” said Krishna K Jasti and Chandresh Sethia, Co-Founders of EVRE.
The company's main focus will be to power the EV demand in tier-I and tier-II cities. Among others, it will also address the range anxiety issue as well.
''Our investment in Amplify Cleantech Solutions, the parent company of EVRE, will help us address the critical need for EV charging infrastructure, making the EV experience easy for customers,” said Ruchi Deepak, Co-founder, Acko Technology and Services Private Ltd.
Acko Technology and Services Private Ltd is the parent company of Acko General Insurance.
(With inputs from PTI)