Kerala-Based EV Charging Startup chargeMOD Secures ₹25 Million Funding to Drive Product Expansion
Kerala, India – In a significant boost for the burgeoning electric vehicle (EV) ecosystem in India, Kerala-based startup chargeMOD has successfully raised ₹25 million (~$301,291) in a pre-seed investment round led by Phoenix Angels. The infusion of funds will serve as a catalyst for chargeMOD’s ambitious plans to amplify its product offerings and extend its services within the country’s dynamic EV sector.
With an impressive portfolio encompassing the management of over 2,000 EV chargers, ranging from residential setups to commercial charging points, chargeMOD has established itself as a key player in the EV charging solutions landscape. In tandem with its hardware endeavors, the company has developed a user-friendly mobile application designed to facilitate seamless navigation to nearby charging stations.
Bolstered by its current achievements, chargeMOD is determined to broaden its footprint in the Indian EV market, positioning itself as a reliable source of on-the-go charging solutions for EV owners.
Numerous prominent entities, including the Kerala State Electricity Board, Larsen & Turbo, Murugappa Group, and Kochi Metro Rail Limited, have already embraced chargeMOD’s innovative offerings, benefiting from the startup’s comprehensive suite of EV solutions.
The primary investor behind this funding round, Phoenix Angels, a non-profit organization committed to fostering entrepreneurship, expressed unwavering confidence in chargeMOD’s potential. Joe Ranji, Director at Phoenix Angels, emphasized, “chargeMOD embodies a perfect amalgamation of a remarkable product and a dynamic team, making them poised to become a formidable presence in the EV charging sector.”
Recent industry reports echo the upward trajectory of EV-related investments. Mercom Capital Group’s 1H and Q2 2023 Funding and M&A Report Storage and Grid Report revealed a remarkable 64% surge in global corporate funding for smart grid companies, reaching an impressive $1.8 billion across 33 deals. This surge is primarily attributed to the rapid adoption of electric vehicles worldwide.
Within India, government-owned financial institutions are actively supporting the growth of the EV market. The Small Industries Development Bank of India introduced the Mission 50K-EV4ECO program earlier this year, aimed at reducing the cost of capital for purchasing electric two-wheelers and three-wheelers through direct and indirect lending.
As the Indian government continues its commitment to sustainable transportation, Minister of State for Heavy Industries, Krishan Pal Gurjar, revealed that India boasts a network of 8,738 operational public EV charging stations as of June 30, 2023, based on data from the Bureau of Energy Efficiency (BEE) and the Ministry of Power.
chargeMOD’s successful funding round stands as a testament to the remarkable potential within the EV charging sector and signals the continued momentum of India’s journey toward electrification and sustainable mobility.
For more updates on chargeMOD and the evolving EV landscape, stay tuned to our blog.
