82Volt, India’s first fully integrated EV charging company, raises $606K in seed funding round through angel investors, within 1st year of inception.
82Volt offers a range of AC and DC charging solutions along with software solutions. Their goal is to achieve a 200% absolute growth in the next financial year by expanding their team, geographical reach, and charger installation capacity.
As per industry reports, as of March 2022, India recorded over 1Mn EVs, and is expected to touch 50 Mn by 2030. This growth can be attributed to government incentives, including those to consumers, local battery manufacturing, state-level subsidies and cut in GST rates.
In a report, Moody’s Investors Service said India has the fourth-largest car market globally, but electric vehicle (EV) penetration is currently only around 1 per cent. In order to increase EV sales and meet the GoI’starget of 30 per cent penetration by 2030, setting up a reliable, accessible and affordableEV charging infrastructure is the urgent need of the hour. And that is where 82Volt aims to make a difference.
Speaking about the company, its vision and the seed funding,Mr. Akshay Sasikumar, CEO, 82Volt Technologies, said, “As a company driven by innovation and commitment towards creating a sustainable business model for clean transportation adoption, we aim to create solutions that can help deliver savings to not only customers but also businesses and grid owners. Our solutions are built keeping in mind the Indian grid conditions and provide automakers, EVSE suppliers, and commercial businesses to benefit from adopting clean transportation through a robust charging network. In line with this, we aim to create an end-to-end EV charging solution that includes fast and slow charging solutions, CMS, products and Energy storage solutions.”
Speaking about the funding, Mr. Sasikumar added, “We are grateful to our investors for believing in our product and vision. Their support will definitely help us achieve our goals and expand our operations. As we continue to strive to innovate, collaborate and grow to build a robust EV infrastructure, their ongoing trust and belief will help us in becoming key enablers for EV infrastructure in India, and cater to growing demand and usage of EVs,across the globe.”
Currently, 82Volt boasts an installed capacity of 10 chargers and a contractual capacity of 550 chargers. These chargers come equipped with a range of unique features and are connected to a customized software system. Designed to suit Indian grid conditions, 82Volt chargers are robust, technologically advanced, and capture over 100 data points from each charging cycle. This data allows for a smarter and more convenient charging experience.
Additionally, the chargers are integrated with various associated services such as home automation, e-commerce, and advertising platforms. The real-time information provided by the 82Volt chargers enhances battery life through efficient charging. With the infusion of fresh seed funding, the startup plans to expand its installation capacity to 100 chargers within the next two months through its channel partners. Simultaneously, they aim to grow their team and extend their reach in the market.
82Volts’ foray into the EV Charging technology space comes at the right time, as the country aims to make a major push for clean energy and clean transportation. Keeping this in mind the company’s future plans are to move into different parking scenarios, and develop and provide different kinds of chargers.