Clean Electric, which creates fast-charging battery technology for electric vehicles and grid solutions, has secured $6 million in funding. Info Edge Ventures, Pi Ventures, and Kalaari Capital co-led this round, with Lok Capital and other investors also participating.
The company will use the funds to boost research and development, expand its sales and operations teams, and develop new products focused on faster charging and renewable energy storage.
“Our innovations are primarily focused on advancing battery technology to solve the critical roadblocks in the adoption of electric vehicles. From single-digit EV penetration, the goal is to figure out what is needed to achieve a majority of vehicle sales being electric, rather than petrol or diesel,” cofounder and chief executive Akash Gupta said.
Founded in 2016 by IIT-BHU graduates Gupta, Abhinav Roy, and Ankit Joshi, this Pune-based startup offers rapid charging technology. Their solution fully charges electric vehicles in under 12 minutes, compared to 40 minutes to over an hour.
According to Gupta, convenience and cost remain key challenges for advancing the EV revolution.
The company is collaborating with about 12 electric vehicle OEMs and aims to extend its technology to electric four-wheelers and commercial vehicles.
“We have commercialized the electric two-wheeler battery pack at scale. We are doing the same for electric three-wheelers, and the plan is to scale the electric four-wheeler solution, along with commercial vehicles, in the next 12 to 18 months,” he said.
Clean Electric’s annual revenue is around $1.2 to $1.5 million, and Gupta expects this to grow to nearly $10 million by next September.
So far, the startup has raised nearly $9 million in total.
Commenting on the investment, Chinmaya Sharma, partner at Info Edge Ventures, said, “Our thesis is that there still remain pivotal unsolved parts in the value chain of electric mobility, both passenger and commercial. Reliable batteries that can be charged quickly without decline in cycles and range is a key example. Clean Electric’s current suite of products and technical prowess make them a key contender to solve this at a national, possibly global, scale.”
