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Electric Vehicles (EV) ecosystem platform Pi Beam Electric has raised $1.7 Million in a Pre-Series A round led by Inflection Point Ventures in participation from the family offices including Sattva Group & Nanavati family, syndicates including Sincere Syndication and Conscience Multi-family Office.
The round also saw the involvement of angel investors including Arshad Sayyad (former India Head Fidelity Investments), Vijay Ratnaparke (CIO of Robert Bosch), Shaji Koshy (former SVP Royal Enfield), and Prof. Ashok Jhunjhunwala (Pioneer of Indian EV industry, Institute Prof IIT Madras & President IITM Research Park, IITM Incubation Cell and RTBI), and from the existing investors.
“The funds raised will be utilized for developing the deployment platform, expanding the team, scaling operations to multiple cities, and developing new products,” the statement said.
Speaking on the investment, Ankur Mittal, Co-Founder, Inflection Point Ventures said, “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 EVs grows, Pi Beam’s market will also see exponential growth. We are keenly interested in investing in such disruptive technologies.”
Pi Beam Electric, a vertically integrated EV as a service platform for logistics and commute applications was founded by Visakh Sasikumar & Manu Iyer. The startup had pivoted to build India’s leading EV ecosystem platform with deep EV knowledge, gained by selling more than 1000+ EVs in the B2B market.
Commenting on the fundraising, Visakh Sasikumar, Founder & CEO, of Pi Beam said, “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, 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 excited about the huge opportunity that lies in front of us thanks to the exponential growth in the EV market. We are delighted to have IPV as our lead investors. Their vast investor, the CXO network will help us to scale up the business. It is commendable that they spend a lot of effort in evaluating the right startups for their investors to back,” Sasikumar added.
Pi Beam is currently present in Bangalore and Chennai with 100+ EVs in the fleet.