National startup award winner Repos Energy has announced that it has raised a pre-Series A round of funding from Chairman Emeritus of Tata Sons, Ratan Tata, followed by other undisclosed investors.
The newly-raised funds of Rs 560 million are in a combination of equity and debt.
The latest funding will help the startup re-fuel the energy distribution sector for a ‘carbon-light’ tomorrow, as it has already seen a popular demand and huge impact on the environment by reducing carbon emissions and encouraging effective fuel distribution.
As a part of its ongoing endeavour to revolutionize the energy distribution system, the startup is now working on bringing renewable energies such as ethanol, methanol and biofuels on its mobile distribution network.
Founded by husband-wife duo, Chetan Walunj and Aditi Bhosale Walunj, Repos plans to use the funds in building its product line, expansion into different geographies of India, as well as team-building. It will also enable the startup to invest in the latest technologies such as IoT, AI, and blockchain to make the energy distribution system of India absolutely seamless in future.
On backing Repos Energy for the second time around, Ratan Tata said, “Repos is a well-conceived project with good execution. I wish them all the success.”
Sharing her thoughts on the vision of Repos Energy, Aditi Bhosale Walunj, Founder said, “The world is moving towards a carbon-neutral future, and Repos Energy is working towards this goal by bridging the gap between the supply and demand of fuels. Our ultimate goal is to make all clean fuels available at a single click of the phone and bring it to the doorstep of our customers through an e-commerce platform. Currently, India’s infrastructure is heavily dependent on diesel, and it is our responsibility to use it sustainably. We will use this distribution network to bring clean and green fuels to the end-users in the near future.”
The startup is highly involved in developing the IoT solutions for the entire energy distribution system, and for this, Repos has also recently won the National Startup Award for innovation by Hon’ble Prime Minister, Shri Narendra Modi.
“The concept of mobile energy distribution has been supported by the PMO, Ministry of Petroleum & Natural Gas, PESO, OMCs, and OEMs (automobile manufacturers). And we want to thank everyone including our partners, and customers who have backed us in our journey of turning our dream of revolutionizing the energy sector into a reality,” said Chetan Walunj, Founder, Repos Energy.
“This fundraise will help us achieve our dream of making energy reach the last-mile across the globe,” added Aparajit Subramanian, Co-founder, Repos Energy.