Union Square Ventures & Prime Venture Partners have jointly backed EV infrastructure startup REVOS with an investment of $4 million in Series A to fund the wide expansion of its peer to peer EV charging network and Smart EV platform for two & three wheelers.
The startup will use the fresh funds to deploy EV chargers across the country, and further strengthen its technology team. In the next three years, the company is planning to expand its charging network to 1 million chargers in 500 cities across India and other emerging markets and to power several million two and three wheeler EVs. The startup will also hire aggressively across all business functions in the next few months.
Founded in 2017 by Jyotiranjan Harichandan and Mohit Yadav, REVOS stands for Revolutionary EV Operating Stack which is an AI-integrated IoT platform to make EVs smart, safe and connected. Pegged as the ‘Android for EVs’, the platform allows EV manufacturers to build smart mobility features on top of the software developed by REVOS. Since its launch in 2019, REVOS has been deployed in 10,000 devices (EVs + chargers) in 30 OEMs across India, China, Vietnam, Nepal and Egypt. The company is planning to launch soon in Europe and other parts of SE Asia.
Jyotiranjan, Cofounder, REVOS, said, "We want to do the same for the EV industry what the PCO box did for the telecom industry a few years ago. REVOS is not only creating the largest charging infrastructure to support EVs but also building a world class OS to make EVs smart, safe, connected and ready for the future."
"This fundraiser is a very important step in our journey and we are thrilled to have the support and trust from the leading VCs in both the US and in India. We are focussed democratising the technology for EVs and chargers so that anyone can build a smart EV or participate in building the P2P charging network. We believe this will be key to large scale adoption of EVs in the future. We also plan to invest more energy into our developer SDK and APIs to make our stack the most developer friendly stack ever," said Mohit Yadav, Cofounder, REVOS.
Albert Wenger, Managing Partner, Union Square Ventures, said, "REVOS marks USV’s first investment in India and we are thrilled to partner with Prime Venture Partners in this new journey. Sanjay Swamy, Managing Partner, Prime Venture Partners, said, "The move to EV is essential and inevitable - and India runs on two/three wheelers. Anytime anywhere re-charging was pivotal in the ubiquitous penetration of mobiles in India - we believe REVOS is well positioned to trigger a similar inflexion in the EV market. "
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